Well hopefully you are not reading this becuase like me your were "stupid" enough to cave in to the freaking "nags" on I-Tunes and updated your I-Phone software to 4.0.2. Now your phone is no better than a coffee can and a string.
Anyway I know it has been posted by other people but I followed the advice at this link on re-booting my I-Phone after I did a "restore" on I-Tunes first. Low and behold my phone is "somewhat" faster... still has the updated 4.0.2 OS but it is noticeably better.
http://www.cultofmac.com/speed-up-iphone-3g-ios4-with-a-hard-reset/48070Good Luck!!!
<Edited by Host>