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16GB iPhone?

Apple had some interesting announcements for the ipod and iPhone today. I know a lot of people who bought 8GB iPhones are pissed at the price drop. I don't have any sympathy for you. I bought the iPod Photo for $599, only to have the iPod Video released a few months later $200 cheaper.

8GB wasn't enough memory for me, so I didn't buy. I'm patiently waiting for a iPhone with more memory. I'm surprised that there is a iPod touch with 16GB, but the iPhone is only available with 8GB. Could a iPhone 16GB be too far away?