Last year, iPhone 4S dropped to 16 GB in stead of 8.You do realize that the 5c is essentially the same tech as an iPhone 5, right? If nothing changed in Apple's tradition, the iPhone 5 would still sell on September 20th, but at a $100 cheaper, as its always been.
There's a couple of differences this time around though. One, yes, the build quality is of cheaper plastic construction. But the second difference is that the 5c actually comes with a bigger battery, an improved FaceTime camera, and kept the iPhone 5c at 16GB. Doesn't Apple normally lower older iPhone models to 8GB after a new model is released? But anyway, having considered these differences, how much cheaper were you expecting the 5c to be exactly?
The current 4S is the first 4S ever to be sold with 8 GB.