I agree with EMAGDNIM. I don't expect much of a price cut prior to the release of an entirely new iPhone. I'm also pretty sure that Apple would more likely watch what they do considering the problems they had with the last price cut.
The price cut wasn't so much a problem as how soon it was after the release. People are used to price cuts 6+ months after a release, the $200 drop only 3 months later is what the issue was. Another $100 wouldn't be nearly that big a problem.
Edit: just read the comments on engadget, and jesus f'n christ. It's as if people are practically expecting Apple to ship the rebate check in the box with the goddamn phone.