The iPhone.  Hailed by Apple fanboys and gizmo geeks as as close to a holy experience as one can achieve with an electronic device, saw a significant price cut this week when Apple announced its new line of iPod devices.  After only 10 weeks on the market, the iPhone dropped from $599 to $399 for the 8GB model, a 33% drop in price, and perhaps the fastest any Apple product has ever dropped.  The price drop was related to the announcement of the iPod Touch, an iPod with all the iPhone features minus the phone.  Its 8GB model is debuting at $299.

If you purchased an iPhone in the 10 days prior to the announcement, you could get a refund on the price difference.  If you were one of the folks in line on launch day though, you're kind of boned.  Needless to say, folks were not happy with the apparent strategy of "Milk your dedicated customers, who will pay any price.  Then drop the price quickly to bring in the mass market."  Usually you don't see a cut this significant for a full product generation or more.

The fists of angry Apple customers raised, they stormed the virtual gates with emails of protest.  And for once, it seems like Apple was listening.  Instead of giving a full $200 refund to early adopters, Apple has instead decided to give those customers a $100 in-store credit to purchase other Apple goodies with.  It's a nice way of saying "We're sorry!" and iPhone owners can now pick up those last phone accessories they were lusting after.  Smart move on Apple's part really.