Apple has announced the price cut of the 8GB iPhone which was previously retailed for $599 will now retail for only $399. What about the 4GB model? MacNN reported, “the 4GB iPhone, while no longer being manufactured is now available at a clearance price of $299 at online Apple store“. The cut was reportedly intended to be a companion to the new iPod Touch that offers most of the same features as the iPhone at $399.

via Electronista