In pretty exciting news it looks like the iPhone will be released in Australia in the last week of June. Linkage via MacTalk Forums.
More than one carrier supported, iPhone 2.0, 3G support, no lock in contract. Thats a shift in policy for Apple, and hopefully it will work out well.
Will it see me upgrade from my current model – doubtful. Grats to the folks who were dying for them. (thanks to Ollie for the info)