Okay. Not that big a deal, though.
I believe there has been a $25 discount for a month or six weeks (off 'n on), at least at west coast Radio Shacks.
The iPhone 4 (probably 8gb) has been $75
The iPhone 4S (16gb, I think) has been $175
I understand those prices were across all three carriers: AT&T, Verizon, & Sprint.
Kinda thought they'd go back to regular price for a time, not go down straight away.

But regardless, you're still tied into a long-term account, so consider that as part of the price of ownership.
Saving $25 or $50 up front, is piddly by comparison.

Straight Talk (riding on the AT&T network) for $45/month is lookin' pretty attractive.
(sadly, you'd have to come up with your own smart phone, like I did)