Some very nice news for all you Apple lovers out there.

The company is slashing iPhone prices, and you can now get America's best selling smartphone for $399. That is if you want the 8GB version, previously listed at $599.

The 4GB model is out of the loop, after just a couple of months on the market. The company claims it will continue to sell the 4GB model while supplies last.

We still don't know the new price for those remaining 4GB iPhones, and they're gone from the Apple Store. If there are any significant supplies remaining, they'll have to come up with a new price, since even Apple's magnificent sales and marketing people won't be able to flog them at the same price as the 8GB model.

With the 4GB model gone for good, a lower price for the 8GB, and the competition catching up in terms of capacity, we might see a 16GB version sooner rather than later.

There's one more interesting twist. Apple claims it is on track to sell its millionth iPhone by the end of September. Since they would have sold most of them at the $599 price tag, and as we can see the 4GB didn't do that well, it turns out that they've made close to $200 million on iPhone early birds. No doubt, much of it went into marketing and R&D, but it looks like the consumers who got the iPhone in the first few months bore the brunt of these expenses.

Some might say those millions are just a fitting end to the iPhone hype of 2007.