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would I be able to exchange it for a white Iphone 4 when they are released next month?:confused:

Not sure about AT&T, but Apple employees have been saying you will NOT be able to exchange black for white later on. AT&T might be different. I'd just go ahead and get the black version.
 
It depends, if AT&T's policy is the same as Apple's then with a 20% restocking fee, yes. They are allowing free exchanges for up to 30 days if you exchange a black one for another black one. But they have explicitly told customers that they will not allow exchanges for different colored ones, so you would have to return it, pay restocking fees, and buy a new one.
 
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