I also wanted an iPhone like mad and could not believe my parents were making me wait for my birthday to get it. My birthday is next month but my parents decided to bend and let me have it early. I purchased it last Thursday which lucky for me meant my phone was only 6 days old when the cut was announced. AT&T graciously refunded me my money, no questions asked. In the end, I'm glad my parents made me wait or else I'd been screwed.
I can't see the iPhone dropping anymore because then the iPod Touch would have to drop as well, I'd think. They'd have to introduce a newer one.