Yes but most consumers (I would say 85%+) will see the subsidized pricing so there still won't be any need to 'justify a higher' price from a purchaser standpoint... Also $499 and $599 are also the same prices of the non subsidized iPhones... so it still won't be a higher price than the iPad. It will be the same price.
The actual unsubsidized prices are $599 & $699 respectively for the 16Gb and 32Gb. So yeah, there's a disparity in price of a 16Gb iPad with a 10" screen and a 16Gb iPhone with a 3.5" screen. Even if you take into account the 3G iPad it still costs less than a 16Gb iPhone.
85% won't see the subsidized price as 85% could very well not be eligible for a fully discount iPhone this time around. Depends on how AT&T handles upgrades for the vast majority of iPhone owners.