I don't see the value of having a flip screen unless it provides something that the current LCD cannot, such as touch display.
Have you ever wanted to get a macro shot at eye level for something on the ground? Have you ever wanted to frame a shot while holding over head? Have you ever wanted to shoot video of kids playing, at their eye level?
It gives you far more room for creative shooting.... bring it on. The fixed display cameras are still with us... ;-)
My camcorder has a flip screen that is touch sensitive and allows me to selectively set the exposure. This might be a cool feature for the 60D. Having the ability to click on the screen and have the camera focus or set the exposure might be useful.
Otherwise, keep the flip screen and give me GPS.
Who says you can't have both?
Imagine holding a dSLR with a large lens and an attached flash and trying to touch a screen to focus. I can't imagine it. Not saying I wouldn't want it, I just can't imagine it. It is a far more appealing idea to me for a very light P&S camera.