This is Why It's Not Smart to Be An Early Adopter

Thousands (if not millions) of people paid $599 for the first iPhones. The next generation comes out in July, is twice as fast, and will cost $199:

Apple CEO Steve Jobs gave the Apple faithful and the business community what they wanted Monday: a new, faster and much cheaper iPhone.

The new, slimmer models will feature GPS satellite-tracking chips, third-generation (3G) cellular Internet access, better audio, metal buttons and a regular flush headphone jack.

The 8-gigabyte model will retail for $199, its 16-gigabyte sister for $299 — and the latter variation will also come in white.

All those people who just had to have that first iPhone now get to buy another one. I'll bet a lot of them had Betamax tape players too.

I think I'll hold off for awhile before I upgrade my Razr. If we wait long enough they'll be giving out in cereal boxes.