I think it's so stupid to call it a "problem". Just because Android doesn't artificially lock you in to old hardware, that's a problem? Sorry but thats a pet peeve of mine, so stupid. Yet I see it mentioned so often. It makes no logical sense at all.
It's not a problem, it's precisely what makes Android better than iOS.
Anyways for me I may jump on this. I've been waiting for something at 4.5" to hit ATT. 4.27 for the SGS2 is just too small. I dont expect LTE to hit in my area anytime soon, but it's got HSPA fallback so not like you're losing anything. As far as the resolution PPI, could care less, never ever have I looked at a phone and said DANG I CAN SEE PIXELS. It's such garbage that only started once Apple came out with the false marketing over the Retina display.
As far as the hardware creep problem/not really problem, I try to combat it by jumping in at a good time. Which really means I should wait for the GS3 lol. But the key thing for me is screen size, I've been kicking myself ever since getting my Captivate that it's only 4.0, and wishing I had got a 4.3 phone instead. So my next phone as stated, I will not settle for a 4.3, I must have a 4.5 or greater. I'll be happy with that for a while.
After that the next big inflection points are LTE and ICS. This phone has the former at least. I would assume will eventually get the latter. My priority is screen size so that's my biggest factor. I'm not so concerned about 720P.