Apple is selling refurbished versions of the 4GB and 8GB iPhone for $100 dollars less than the brand new version.

Some see the sale of refurbished phones 2 months after the release as a sign that a lot of people were disappointed with the phone and returned them, this has caused apple to recoup lost revenue by selling refurbished iPhones sooner rather than later.

To get a refurbished iPhone visit the store.apple.com.

Does it require a 2 year contract like its non-refurb brothers & sisters?

If only that was the price for the non refurbs!

yup