Wow. I had no idea that Apple was planning to announce a $200 price cut on the 8-Gigabyte iPhone to $399.
Since the media event ended, I've read a number of comments on technology blogs about how much the price of previous "hot phones" dropped in the first 90 days. The example I have heard most is the RAZR. The price of that phone dropped significantly, but I doubt it fell $200 after the phone had been on the market for 69 days.
Having said this, I have gotten so much value out of my iPhone since I bought it and learned so much about developing for it that it was worth the $200 premium to me.
I think that Apple is going to sell huge numbers of the iPod Touch (an 8 or 16G device with the same form factor as the iPhone, but without the mobile phone capability) for the holidays. The iPhone and the iPod Touch are going to destroy any previous notion we had of the Mobile Internet experience. I'm looking forward to seeing what comes next.