Now that the iPhone 3G announcement has finally come and gone, turns out the most common rumors were right–big price drop, GPS, slightly thicker, Exchange-friendly out of the box.

As for contract requirements, according to an AT&T spokesperson, current AT&T customers will be treated like new AT&T customers when it comes to the iPhone 3G. All will receive the same $199/$299 pricing – the only difference is that existing customers will reset their contract period to two years.