I'm in agreement that it's not really a monumental jump in features, like a true iPhone competitor would be, with WM7, a bigger screen, multitouch, and so on. A phone like that will probably be announced in January and released this time next year.
Still, I think this phone is worth upgrading to. Why? Because I can resell my current phone (p3300) for a lot more now than I'll be able to next year, because by then there will be phones like the Polaris to make mine horribly obsolete, compared to how it is now, being only mildly obsolete.
So my point is, look at what phone you have now. Look at if you want to sell it. Look at how much trade in value you will be able to get out of it now versus a year from now. That's the real value of the Kaiser.