16 GB microSDHC cards have now finally arrived in USA, and are readily available at your local BestBuy and on the web. Priced at a reasonable $99.99 (and expected to drop even from this price quite soon) the memory card will turn any modern smart (or even dumb) phone with the appropriate slot into a media powerhouse.
The card BestBuy is selling is only class 2, which provides a 2 megabyte per second minimum transfer rate, which is about as fast as the internal electronics in your smartphone can work in any case (though it does mean it could take up to 2 hours to fill up the card from your computer completely).
See Bestbuy.com for more information.
Thanks Ken for the tip.