I think you would probably be very happy with the Rebel/300D/Kiss (three names for the same camera). Given that the sensor and the processing is the same as the 10D it is likely to be able to produce the same stunning results as the 10D.

You do need to be aware of the drawbacks compared to the 10D though. Off the top of my head they are:

- plastic body, though depending on the quality of the plastic this might not make any difference (the lens mount is at least metal)
- less control over the auto focus modes (with the 10D you can choose the three different modes yourself, with the 300D they are chosen for you by the camera)
- less control over metering (metering is dependant on the shooting mode, rather than being individually controlable)
- less control over flash settings
- no 3200 ISO, you're not likely to miss this, I very rarely resort to it
- only 2.5 frames per second, still 2.5 isn't bad...
- only a four frame buffer (10D has nine frames), shouldn't be a problem unless you are into shooting fast sports
- no control wheel on the back (cursor keys instead)

The 300D does actually have a few things that the 10D doesn't do:

- the battery grip for the 300D has more controls on it than the one for the 10D
- there is an infra red remote available
- the internal flash is higher meaning it will be blocked by less lenses
- the new EF-S lens mount, allowing for much cheaper wide angle lenses. The 18-55mm that comes with it looks like quite a good deal for $100

If I was buying my camera now I would probably still end up with a 10D, but it is a close run decision. I think the silver body would sway the decision, I like black cameras

Probably best to wait for the http://www.dpreview.com/ review.