Here is what was posted by Tyler Cowen on Marginal Revolution:

OK, people, it's no more Mr. Nice Guy. I'm fed up! No more moderation, no more namby-pamby conciliations to those I disagree with, at least not today. I am plain, hopping mad. And who has pushed me over the edge?

Yeah, its about the iPhone and about those who are feeling royally screwed by the price drop. Why do I wanna say - I told you so? Do the na...na ...na ...na dance? - you got royally fucked, they took your money, made you feel like rich bastards, only a few of you could afford those nifty little Phones and then got butt fucked when it was made available to the Wal-mart workers.

According to Robert Cringely:

This week’s iPhone pricing story, in which Apple punished its most loyal users by dropping the price of an 8-gig iPhone from $599 to $399 less than three months after the product’s introduction, is classic Steve Jobs. It wasn’t an accident. It wasn’t a thoughtless mistake. It was a calculated and tightly scripted exercise in marketing and ego gratification. In the mind of Steve Jobs the entire incident had no downside, none at all, which is yet another reason why he is not like you or me......

So why did he do it? Why did he cut the price? I have no inside information here, but it seems pretty obvious to me: Apple introduced the iPhone at $599 to milk the early adopters and somewhat limit demand then dropped the price to $399 (the REAL price) to stimulate demand now that the product is a critical success and relatively bug-free. At least 500,000 iPhones went out at the old price, which means Apple made $100 million in extra profit.

Had nobody complained, Apple would have left it at that. But Jobs expected complaints and had an answer waiting — the $100 Apple store credit. This was no knee-jerk reaction, either. It was already there just waiting if needed. Apple keeps an undeserved $50 million and customers get $50 million back. Or do they? Some customers will never use their store credit.

Ahem, wave 100 bucks at the faces of Apple's high end customers? Nah, like Cringely I don't believe the devil ever feels remorse or regret.