I just bought an 8gb iPhone on Saturday. Opened it, haven't set it up yet or even turned it on!
Called AT&T, they are enforcing the 10% restocking fee. So for $151.09 more (8% tax here) I can get the 16gb iPhone. Hard to say whether it's worth it or not.
Reguardless it's obvious that this is the upgrade to hold us over for a while. 3g is coming, we all know that but it's not coming in June. Potentially the end of the year. Apple will wanna make as much as they can off the $499 16gb iPhone.
OR they're hoping to ditch the 8GB models, will drop the 16GB to $399, then release 32GB model with 3G for $499. People who paid $600 a year ago will burn Steve Jobs at the stake.