As recent as yesterday I still heard of 3+ hour waits between the line and activations near Miami. I am with you in that it is not worth it to waste all that time, when just waiting a few days will mean you will be able to just walk in, and 15 minutes later walk out with a brand new 3g iPhone.
I normally am of the mindset of never being an early adopter, and let the bugs and flaws be worked out before jumping in. The hype machine with this one got to me I have to admit, and I was one of those that headed to the store on launch day against my better judgment, but the insane, non-moving line thankfully brought me back to my senses and back home.