Apple Inc. slashed the entry price for an iPhone in half as well as lowered some of their laptop prices today; the company's first dramatic price cuts since the recession began a year and a half ago.

The 8-gigabyte iPhone 3G, which came out last year, now costs $99, instead of $199. The 16-gigabyte version of the 3G S will cost $199 while the 32-gigabyte version will be $299 respectively. To put these new prices in perspective, consider this: Just two years ago when the iPhone debuted, consumers were looking at $499 for a 4-gigabyte version and $599 for the 8 gig!

The next generation of iPhones are scheduled to hit the market on June 19 (just as two-year contracts for the buyers of the original models are expiring). While the iPhone has been more than popular, this next round of competition should be much more interesting with RIM dropping several feature-rich Blackberry smartphones on the industry and Palm's much-anticipated Pre hitting the streets as well.