iPhone receives large price cut

"I-apologize" is the latest release from Apple. The company's switchboards and e-mail have been lighting up after a huge price cut to the new iPhone, which is a combination phone, iPod, web browser and camera.

Just two months ago, hundreds of consumers paid over $600 for the flashy device. Now, the iPhone is $200 cheaper, and customers are not happy.

Along with a $100 rebate, Apple also issued an apology, saying, "We want to do the right thing for our valued iPhone customers. We apologize for disappointing some of you and we are doing our best to live up to your high expectations of Apple.”

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