The newly announced iPhone 3GS has a fancy new graphics processor that supports OpenGL ES 2.0 and 1.1. The old & busted version in the iPhone 3G caps out at 1.1. What does this mean? Well, it could mean that new games could be programmed exclusively for the 3GS.
Unfortunately, as Engadget notes, applications designed to support 2.0 cannot run on phones that only support 1.1 and Apple has already set the precedent for splitting apps between the iPhone and iPod Touch (for applications that require a phone, for example).
In fact, in the software development kit (SDK) for iPhone OS 3.0, which will launch two days before and ship on the iPhone 3GS, contains the following reference to OpenGL ES 2.0 and 1.1:
"When designing your OpenGL ES application, the first question you must answer is whether your application will support OpenGL ES 1.1, OpenGL ES 2.0, or both... Your application should target OpenGL ES 1.1 if you want to support all iPhones and iPod touches."
It would be really lame to split the platform this early, but I'm too busy being pissed at AT&T for not allowing iPhone 3G owners to upgrade to the 3GS for the discounted price to be mad at Apple right now.