i am trusting them. Might be some software problems. But a download can fix those. Hardware problems----Apple has pretty good warranty. They will want great reviews on the iPhone so I figure that they will take care of us if something goes wrong.
It's going to be too stressful trying to get the iPhone when it first comes out. I think I'm going to try to relax and be satisfied with what I have until I feel comfortable with what the iPhone has to offer. The phone itself looks very promising but I couldn't buy a locked phone, so I'd might as well wait until they've got all the bugs out of it and it's been unlocked anyways.
There are guaranteed "issues" to be had with a first rev product. If you can't deal with those issues then don't, but if you like to be on the cutting edge and can tolerate those things then there's no question you need it.
However, I imagine Steve is doing everything he can to make this as perfect as possible on launch day. If there are a couple extra surprises, no major problems, and supply is ready, this will be a very successful launch.