Here you have it: The iPhone 4 is already arriving to people's homes. Watch this guy taking all that Designed-in-California goodness out of its box. The only surprise: Apple decided to save $0.0000000001 and didn't include the SIM ejector tool.
The packaging seems similar to previous generation. Tight and minimalistic, complete with wall power adapter, sync cable, and headphones. You will have to use your own clip to open the SIM slot.