It is full 5 bar coverage everywhere in my city. I know because I've used plenty of 3G phones around here. Full bars all day! Not saying you shoud hold out for V2 as it might not come out for 6 months.
^^Just because you have full signal doesn't mean you have 3G access. I had a Blackjack for a while and even though I usually had full reception I was almost always on Edge and never using 3G, it was quite unfortunate (especially since it was touted as a 3G phone). I would personally say buy the phone and be happy with it. If you're too disappointed with the purchase you will be able to resell it for not THAT big of a loss and just wait for the v2. I'm thinking 3G and 16GB memory will be the two big added features. Then again, it could all just be wishful thinking.