Incidentally, the bigger picture is starting to emerge here -- look at the facts:
1. iOS 5 is announced, with full support for the iPhone 4 and (obviously) the new iPhone 5.
2. Rumors swirl that Apple is readying a "cheap" iPhone 4 with only 8GB of storage space and other cost-saving materials (plastic screen instead of glass, etc.)
3. Rumors starting to pick up that the iPhone 5 is, in fact, the exact same industrial design as the iPhone 4.
The simple fact is that, as it stands right now, if the iPhone 5 is just a re-dress of the current form factor there's no reason to upgrade -- it's identical to the iPhone 4. So, instead of price-cutting the iPhone 4 when the 5 comes out, they're going to discontinue the 4 and replace it with this cheaper, less-usable version. In effect, they're forcing everyone who wants a new iPhone to buy the 5 even though a current-model 4 has the exact same features (give or take a MP upgrade on the camera or a useless processor update), do the exact same things, and run the exact same iOS (iOS 5) software.
Last upgrade cycle, you could a discounted 3GS if you wanted to spend less money but still get the same feature set. This go around, they're not giving you that option -- it's a memory-crippled 4 or on to the 5 at full price. Pretty savvy if you ask me.