Well, it is true GPS. It’s not a true navigation system though.
I still think I’m getting one. I’m not directionally challenged enough that I need voice prompted turn by turn directions. Hell, most of the time I don’t even need a map, just read the directions before hand and drive it from memory. It still has a great web browser, the ipod, the app store, real time GPS tracking, 3g speed and oh yeah, it’s a phone. 
If TomTom eventually releases the turn by turn nav for it I’ll probably get it but not having it wasn’t a deal breaker.
Probably would have had one yesterday but of course my local AT&T store didn’t have any. Went in just to check out the demo models but was ready to buy one.