If the deeply traumatised Dongmei Li was upset over the $200 price reduction of the iPhone, imagine how she'd feel about a $300 slash.  But in fact that's the penalty some AMEX customers have voluntarily agreed to, having been so disillusioned by their iPhones that they've taken advantage of the credit company's policy to refund an item up to 90 days after purchase should the original retailer refuse to do so.  Thing is, they'll only give you $300 per item, so if you stumped up the $600 for an 8GB iPhone at launch, that's a 50% loss. 

Nonetheless, plenty of customers have been cutting loose at AMEX's expense, with the Return Protection team dealing with over 7,000 claims in the two days following the 8GB price-cut (they normally handle 1,000 to 1,500 per week).  Quoted disappointments included insurmountable trouble using the on-screen keyboard and the absence of Exchange support.

If you're considering taking advantage of AMEX's offer then remember you'll still be tied to AT&T's two-year contract and so will have to choose a different phone to use (unless you enjoy paying fifty bucks a month for a dormant service plan).  I wonder if we'll see a number of returned iPhones hitting the second-hand market after AMEX rid themselves of their new hoard?