I figured it was probably going to be a problem (especially due to having to go to multple stores multiple times and getting responses that ranged from blank looks to "we can't sell you one of those cards -- yes I know they're sitting right there on the counter") but I wasn't able to preorder online and thought this could end up being a better option than standing in line or having to wait for additional supply replenishment at the AT&T stores. I figured that Walmart would make good on the $25 if it came down to it -- and sure enough when I was called by my local store last night and told that they would NOT be getting the phones in today I made other plans.
Went to one of the AT&T stores this morning, got there at about 6:45...doors opened at 8, and I was on my way to work by 8:45 new iPhone 5 in hand!
The redemption instructions on the back of the $25 pre-order state that the cashier should use the card just like a gift card toward the purchase price and then collect the balance due...so I'm going to try to just go to one of their gas stations and use it at the pump. If that doesn't work I'll go inside and hopefully won't have to raise too much hell...
In all, I knew it was probably too good (too easy) to be true and turns out that it was. Maybe they'll be ready in another couple of years. And FWIW, several Walmart employees made it known to me that they live in FEAR of Apple...that Apple can "come close their store down" if they do something wrong. While that is an exaggeration, I do think it is interesting. One manager told me that "we can't put any other signage in their display case or anything" -- which kindof tells you everything you need to know about why Apple is apparently very strict with them.