I have edited this OS 3.2 question based on advice that it could infringe Apple's NDA which is something I have no desire to do. For what its worth I didn't reveal anything likely to upset their lawyers. And in my opinion the SDK is their IP, and therefore it's their decision regarding the terms we agree to when optionally downloading it.
Without breaking NDA I can summarize that it asked for opinion on whether OS features of iPad were likely to become part of the iPhone OS. But consider the question withdrawn...
It is very likely that by the time the iPad comes out, there will be a new version of the iPhone OS. Whether that's 3.2 or whether it gets bumped all the way up to 4.0 is likely going to be on how much new stuff there is; though my bet is that Apple has worked its way through a lot of engineering resources for the iPad and as such, there won't be that much new-and-noteworthy in the next iPhone/iPad release. We may have to wait longer for other long-desired features (like background tasks).