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In an effort to make the iPhone more affordable Steve Jobs announced today at Apple's "The Beat Goes On" that the company would be lowering the price of the device.

Jobs bragged about the positive feed back from iPhone customers saying the iPhone was "off the charts" and that the satisfaction with the phone was the highest it has been for any Apple product in the company's history.

 He then said," We're on track to ship our one millionth iPhone this month. To get ready for the holidays here's what we're going to do. It's clear customers want the 8GB model, it's not going to sell for $599 anymore. Starting today effective immediately, we're pricing it at just $399."

Although the price break is nice for some people, the news here is that Apple is phasing out its 4GB iPhone and will only sell the 8GB model.

The 8GB model is more popular than the 4GB, model but if you are one of the early adopters of the 4GB iPhone this price reduction for the 8GB model has to feel like a kick in the you- know- where.