Want an iPhone? Don’t quite have the $500 admission fee to the iPhone party? How ‘bout one for $400? The folks at TUAW tell how that’s possible. Scope it out here.

“Did you want to get onto the iPhone train but the $500 price tag was holding you back? You can now pick up an iPhone for just $399 at the Apple store for the 4GB model. (The 8GB runs $499)”

Holy $100 off Batman! All the iPhone goodness for $399! From my own personal experience, Apple’s refurbished products are of very good quality. They really put them through serious testing to make sure they’re good to go! I know I ordered a Mac mini December of last year, and it still runs like a champ! If you’ve been on the iPhone fence because of price, this is one way to get in on it. Have any of you purchased anything from Apple refurbished?