Apple's Worst Kept Secret Finally Coming True

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Urban geeks with more money than sense get out your lawn chairs and sleeping bags. The 3G iPhone cometh; soon! In fact, they are expected to hit Apple and AT&T stores on July 11th.

What a difference a year and an scary economy make. Unlike last year's June launch of the iPhone at nosebleed prices starting around $600 (not including AT&T's outrageous two year committment deals and pricey monthly payment plans), this year Apple is advertising the new 3G as "Twice as fast. Half the price."

The 16 gig version will go for $300, instread of $500. The 8 gig iPhone will be priced at $200, instead of $399.

This is a textbook example of why you should never buy a product the first year it launches. Wait a year; fewer bugs, more features and deep discounts.

Apple has always priced their wares at the high end. It appears they now get it that we're in a recession and most laying around cash (that once went towards guilty pleasures like iPods, etc.) is now going to the pump or milk (which actually costs more per gallon than gas).

Its' easy for me to imagine what happened. Cupertino is just north of San Jose, CA off 280. If you've ever worked in Silicon Valley (or visited by car on a work day), then you know 280 is a parking lot most of the day. At four bucks plus a gallon, I'm guessing Apple workers are getting kicked where it hurts most, as well (the wallet).

This is a good thing. May cheaper Macs follow.

Renee Oricchio is a technology writer and former supervising news producer for CNN Financial News. She has been covering the computer industry since 1987. @oricchio