I don't think "a deposit is required" disqualifies anyone from reserving an iPhone.What if you're not eligible to reserve one through the online reservation system (i.e. international student, no ssn, fresh ssn that requires you to put a $500 deposit and that would not allow you to reserve an iPhone...)?
You get screwed.
When I went through the process of reserving one (about two weeks ago), there was something screwed up with my Verizon account, and the Apple website said that I may be required to leave a deposit. The only thing that happened then was the "Delivery" option on the website was grayed out. My only choice was to pick up the iPhone in-store (which is what I wanted, anyway).