Not at all. Especially if you consider A) the prorated ETF will bring the cost down to $265 by January and B) most likely there will be an unlock for the iPhone 4 and that ALWAYS increases it's value on eBay/Craigslist.
Common sense tells you that if you assume Apple ALWAYS does things the same way every time, we would have an iPhone launch on Thursday, we wouldn't have an iPad, and we wouldn't have Intel processors.