I bought my iPhone 4 at launch in June last year from AT&T. I just pre-ordered an iPhone 4S 32GB this morning for the "Early Upgrade" pricing of $549 (Would have been $299 if I waited til 2/2012). I called up AT&T to find out whens the next time I would be eligible for the "early upgrade" pricing and she gave me the date of 9/8/2012. So as long as the iPhone 5 comes out after that date, we are all good for the "Early upgrade" pricing with AT&T. I honestly don't mind paying for "early upgrade" pricing. Not sure if I would pay the full blown price, but for a couple more hundred dollars (plus the phone pricing) I can basically get a new iPhone every year. Just hope the iPhone 5 comes out after 9/8 next year..