But think about it this way: About one million (rather less) people were "harmed" by the price drop, and now 50% of their "harm" has been taken away. For free. (Although if you look at it objectively, they _wanted_ to buy the device and thought the price was okay for what they were getting at the time of the sale.)
But there are millions _more_ who can now simply buy the iPhone for 200$ less. I think _that's_ the part we have to concentrate on. It's what's important to Apple.
Of course now we'll see the following: Joe Stupid buys a 399$ iPhone now. Thinks he was very clever waiting this long. Then in November, Apple releases the 3G version for 499$, maybe with 16 GB of memory, and he'll cry foul, because he's seen that earlier, foul-criers have gotten a store-credit out of crying foul.
Although it's hard sometimes, we HAVE to accept that in these markets, devices will always become cheaper and better. YES, if you buy your iPhone today, Apple might change pricing/features _tomorrow_. Accept it. Zen, baby.