Its probably worth calling to check, I would say no as change will happen on bill date, but if that happens to be this week then you could be in luck. Mine is 13th, so should have reduction in fast track fee.
I'm paying £40.86, so just make the threshold. Got my iPhone 4 on release day on a 24 month contract. Fast track upgrade fee is £217.92. I was planning to upgrade if it had been the £20 a month to buy out the contract like last year with O2. Think I'll be sticking with my 4 now.