1) The economy is in a better state now than it was just after the 3G's release, let alone last summer's 3GS' release.
2) It's not like Apple has never offered an expensive phone ($499, $599)
3) Like you said, you would buy one .. as others in this thread would (myself included)
Those $499 / $599 prices were unsubsidized though. And we haven't seen anything like that in awhile. I hope I'm wrong but I still doubt it - Apple has been very price sensitive over the last year.
Tony