I don't see Apple doing any sort of policy regarding refunds...if you bought within 14 days you get the refund, otherwise you will have to live with it.
They did it before with a previous Apple product.
Look, iPods do not drop this fast, period. Don't compare it to gas prices, or TVs. I, as well as many others, compared the iPhone to the iPod. Sure, we KNOW there will be newer versions and price drops, but not 70 days after launch. I can't even think of a product that has dropped that fast.
The thing is, nowadays, with the internet and the news being more 'tech friendly', you think Apple will ignore the close to a million owners of the iPhone bitching? I don't think so. They, after a few days, will offer SOMETHING to current iPhone owners. If its an iTunes giftcard, great. Atleast make it for half the value ($100). Me, I would personally prefer the Bluetooth headset, which would make an excellent, well, consolation prize. We will see in the coming days. Apple, don't **** this up.