In european countries, where this marketing practice is allowed and in use, an "unlocked" mobile phone costs more than a subscription + phone bundle. This is pretty common and customers accept it quite well.
In Switzerland, for example, I can buy a BlackBerry 8310 for about US$ 350 if bundled with a 24 months "Pro" subscription (50 US$/month).
The same device costs US$ 800 without bundled subscriptions, that is 130% (!!!) overprice!
The same practice (on the other side), lets carriers give (low/mid cost) mobile phones for free or very little cost (for example US$ 1.00), if bundled with a subscription.
In other countries, such as Italy, this is not permitted (by law).
So, to offer the iPhone as a standalone product is something mandatory in markets like Italy.
Maybe it is possible to bundle it with online services (push mail, visual voicemail...), but not with a carrier subscription!
I really hope that Switzerland will follow Italy's model and offer a free iPhone at a higher price, but also leaving the option of subscription based offers.
Cheers!!!
Aueua