I think the feeling of cheapness mostly came from the materials used to make it, the back particularly is very very plasticy, and not in a good way, it feels slightly nasty actually to me. The best way to describe I think is, you know, the difference between the plastics in a really nice upmarket car, and the ones in a bit of a budget end car. Theres not that premium feel, theres good plastics and bad plastics and the Galaxy S back cover is definitely in the latter realm for me.
When you then compare it to other phones it has a bit of a low rent feel. Even my N97 has a more upmarket feel to it in the hand, which comes from the combination of nice plastics, a solid feel and a bit of weight behind it, which I actually quite like. Given that a lot of phones are moving to more upmarket materials, aluminium for example, the Galaxy S doesn't wow in the hand as much.
It's still a spectacular bit of kit but I think it could have been a true no brainer purchase if it had that little bit more about it in it's construction. And a flash on the camera .