Since I still have two iPhones (a 3G and a 3GS) with almost identical content, I decided to compare the speed of some common operations: the boot time, and the launch time of some applications.
I have chosen some applications that I use very often: OmniFocus and Twittellator Pro, and some that are quite heavy. The results are self explanatory.
The last section of the video shows the available memory on the two phones (using iStat).
Apologies for the reflections on the 3GS screen, I don't have an anti-glare screen protector on it.