How can I live without a trackball?
I'll be honest it's probably not something you'll miss at all after a few weeks. My previous Android phone was an HTC Magic, apart from text selection I found the trackball pretty useless on that. Since upgrading to a Galaxy S, that has no trackball/pad/d-pad at all, I can honestly say that I haven't needed one since about the first week, I think I've found two games total that needed a trackball, and they had so many "needs a trackball, doesn't work on my phone" type one-star reviews, that the devs must have changed them by now.

Gingerbread has a text selection feature based on tapping in the text and dragging your finger that works very well, Samsung's Touchwiz interface has had an incredibly similar interface for text selection since Eclair (I think) and that works well.