Could it work?

So...I have been looking at several options regarding iP5. The iPhone that I want, white 16 GB, is $199 with Verizon. I was thinking to begin a plan and stay on it for one month, and then cancel it (which would leave me with an early termination fee of $350 - $5 is subtracted from the fee each month that you stick with the plan). The price of both of the aforementioned fees ($199 + $350 = $549), saves me at least $100, if not more, than I would save if I were to purchase it without contract in Target or whatever.

It seems almost too easy..which is why I would appreciate input.

Could this work?