With the memory chip prices rising, it will be a while before the 32 GB is released.
For the iPhone, there's only one memory slot. The iPod Touch has two...for the iPhone to go to 32 GB, the iPod Touch has to go to 64 GB...now that can get really expensive.
Also, the iPhone is a phone...to put 32 GB...that would surpass the iPod mini...now starting with the iPod mini, comes the hdd iPods...the iPhone is not supposed to replace these hdd iPods, which is why Apple doesn't have a 64 GB iPhone, even though they could if they really wanted to.
For me, I'm good with 16 GB...I don't even use up 1/4 of it (unless I put my five seasons of TV shows on).
It all depends on you...do you want an iPhone now? Can you live with 16 GB? Or are you able to wait for what might even be a year? (3G most likely won't have a 32 GB option...otherwise it'd cost a good amount...)
