In a way with this price cut Apple took back all of that envy. While it certainly has been fun having people say "oh is that an iPhone" I have a feeling it is soon going to be replaced by "wow you paid $600 and now its only $400" or "oh is that an iPhone did you pay $600 for it, that's too bad I'm glad I didnt waste my money"
I'm very happy to have an iPhone and I don't regret purchasing it but I think all that envy that others had is going to turn into embarassement on our part.
Oh well
Just point out that you've gotten more than $4/day worth of enjoyment out of the phone, and have been happily using it for the last 70 days while they looked on with envy and their cheap/crappy phone with the confusing UI...
Don't think of it as $200 you lost, think of it as the $4/day of your blissful enjoyment of the phone while the rest of us poor saps looked on in envy.