What lower cost iPhone???
There have been lots of rumors about a lower cost iPhone for quite a while. One rumor says it's suppose to be a 4GB version. Another rumor says that it was going to be sold only at Wal-Mart. By the way, Wal-Mart is selling the same version of the iPhone that you can buy at AT&T and Apple (albeit at a $2.00 savings... woo-hoo!)
Whether Apple ever comes out with a less expensive version of the iPhone, chances are the monthly cost will be the same. So, you have no reason to wait to buy your iPhone. I think May 1st would be a great day to buy the iPhone you really want.
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Armand