Just to let everyone know, after a long discussion with the Regional VP that I bumped into at the local Cingular/AT&T store, The iPhone will not require any contract, it only requires service. I found this out because my contract wont allow me to upgrade when the iPhone is released, and was told by him not to worry because the iPhone is being sold as is at the $499 and $599 price points with no contracts what so ever the only requirement being that your a cingular customer.