While I definitely won't complain about a 3.2-megapixel camera with an auto-focus lens, I was secretly hoping it would be the 5.0-megapixel sensor that was rumored a while ago to go into the next iPhone. However, anything will be better than what it has now. I have no use for FM radio, so I couldn't care less about this feature, though I'm all for more RAM and a faster processor to make things run more smoothly.
I'm guessing the new iPhone will be announced at WWDC in June like the 3G was, but it won't be available until July. If so, July can't get here soon enough!