As someone who had an iPhone 3G for just over a year before switching to the nexus, I can tell you it was worth it to me.

I can tell you that I do miss some of my apps, but for the most part the core of all the main applications are there.

I just wanted to update everyone that I have updated the project recently. The project is now called Zipline Backup. You can fine the project at ZiplineBackup.com

It is now hosted at Google code so I encourage everyone to post any questions you have there. Please so not hesitate to contact me if you have any questions about the project.