Yes I think this is accurate. $99 down for the 16 is already advertised, although they do not specify that it is 16. $199 down for 32 makes perfect sense.
While on the subject, however, I am in a huge dilemma as to whether I want to buy the phone outright for $750 (32 GB) or do the installments. Has anyone found a reason for one or the other? 750 is just insane for a phone... but the math works out about the same, so far as I can see. It actually comes out cheaper after two years by about 100-150 dollars if bought outright.