iPhone 4S pricing

Phil Schiller runs through the new pricing scheme for Apple's iPhone lineup. The 8GB iPhone 3GS will now be free.

The iPhone 4 gets a price reduction to $99 for 8GB.

The newly announced iPhone 4S comes in three sizes with corresponding prices: a 16GB model for $199, a 32GB model for $299, and a 64GB model for $399.

All standard pricing is for phones purchased with a two-year contract.