I'm waiting to see what the new one brings, and then I'll assess my options. There's always the chance that AT&T will cut down contracts again, but I doubt that since last time I'm pretty sure they were pre-empting the Verizon iPhone 4. If that's not the case I still have a few options to go with. My mom uses a 3GS she bought in December of 09, and she's already available for an upgrade, but she's totally happy with her 3GS. I may buy the latest iPhone on her line at the subsidized price, and then give her my 1 year old iPhone 4 so she can upgrade. This way we both win - she upgrades for free, and I get an extra subsidy.