I read extensively about the Storm and I have seen no hints at a 2nd Gen model. I think the 2nd Gen iPhone took over 2 years to emerge. Right now I would only expect upgrades in the OS.
Unless you are planning to wait for another 2 years, I would go ahead and get the phone. But be aware, unless you have the temerity to fiddle with boot-leg beta OS's, the current OS .75 still has its issues. If you are thrilled with your current phone, I might be inclined to wait for the next OS upgrade to see if all the major kinks are worked out.
I love my Storm and it does everything I want (SMS, MMS, calls, email). It really depends on how thrilled you are with your current phone.
I think the OP was referring to an OS upgrade, in which case no, there is no information about when an OS will be released any time soon aside from speculation. In my opinion, the phone is worth buying, but the only way you will truly know if it is right for you or not is to test it out for yourself. Some people love it, and others don't.
I've had the phone for over 3 weeks now and am running .75 that came with it. Aside from the camera lag which is annoying the phone has been working flawlessly so I really see no need to get an beta upgrades.
im ready for a new OS, i check this thing almost daily thinking there will be some news. It's not that I'm not happy with what I have now in the Storm. Im just a fan of keeping things fresh and working out things for the better. I updated my Pearl as often as possible and when looking at others Pearls I was happy things change as they did.
There are things I have gotten annoyed with with the phone, but their mostly trivial (phone wont answer at times when pressing answer, no apps really, small theme related crap, etc.) but overall, i most likely wouldnt go back to the pearl for all the reasons i love (internets faster, video viewing from itunes is awesome, etc.)
Awating to upgrade also. When can we expect the much talked about "apps"? Any word on "app store"? It would seem to me that something should begin to appear, or we all go to that other phone with lots of toys.