While this offer is not guaranteed to last, at least as of this posting AT&T is currently offering a black 16GB iPhone 3GS for just $49 and either a white or black 32GB iPhone 3GS for $149.
And yes, these are refurbished models, but a 16GB iPhone 3GS for $49, or 32GB iPhone 3GS for $149 is still a pretty nice deal.
That said, you must also be willing to sign a two-year agreement with AT&T, but that is just to be expected. And as an extra added bonus, they are also tossing in free overnight shipping.
Anyway, if interested, hit the appropriate link below…
[AT&T 16GB iPhone 3GS and AT&T iPhone 32GB iPhone 3GS from DealMac via TUAW]

December 27th, 2009 at 11:02 pm
Ordered ours last night… as of this morning … they are out of stock… fedex is claiming we will get them tomorrow… wow… hopefully they are in pristine condition. Refurbs can be tricky… wish me luck…
December 28th, 2009 at 3:45 am
Dingo!
December 29th, 2009 at 9:22 pm
I would never buy anything refurbished. Yeah, it's cheaper, but I prefer everything to be brand new. Somebody one told me, they bought a refurbished iphone, and it broke shortly after. They tried getting it resolved with AT&T customer service and everything, but they were no help. He told me he spent so much time trying to resolve the issue, that he just gave up the refurbished iphone and got a brand new one.
January 7th, 2010 at 3:16 pm
They're back at $249 for the 32 GB 3GS now.
January 9th, 2010 at 12:59 am
they sold out right before i could get one now there 249 better of buying a brand new one