The Bold is the successor to the 8800, yes. That doesn't mean you won't be able to still buy the 8800 series though. RIM isn't know to implement the immediate discontinuation of their current devices upon the arrival of a new one. For an example, I am pretty sure you can still buy the 8700 series new.
seem I can work on with an 8820 then, and just move to bold when the price or prices gets rationalized after the hype. think this would be happening?
I don't think it is being priced irrationally due to hype. I don't think the price is irrational at all. $300ish after rebates for a device this feature packed is right on line. The closest smartphone At&t currently has for sale that has the same kind of connectivity features and what not, is the At&t Tilt and it still sells for around $300 with new contract.
I wouldn't bet on a price drop happening too soon though. Buying an 8820 at full retail is probably only going to cost you about $100 less than the Bold. The same will probably hold true for the after rebate/new contract price too.