Price point to who? Remember, Apple is getting ~$599 for the top end iphone from ATT... so the $299 price point is irrelevant.
It is not irrelevant at all. Apple isn't going to decrease its margin, and AT&T can't increase its subsidy to more than $400 per phone without further increasing prices in a highly competitive market. Any increase in cost with therefore have to fall on the consumer. To offer a 64GB phone for $299, the cost cannot be higher than that of the 32GB 3GS.
Believe me, I hope you're right. I'd love to be able to early upgrade to the 32GB for $399. I just doubt it will happen.