From Gizmodo: "The price of an 8GB iPhone just got lower, and the 4GB iPhone is on its way out, according to Apple CEO Steve Jobs. He announced the 8GB iPhone's new price will be $399, down $200 from its original $599 price."

Translation: All of you tech geeks who waited in line for three days and skipped work for the privilege of shelling out $400 for a cell phone now officially have last year's model. Also, you overpaid.