The big thing about the just-announced iPhone 3G, apart from a guarantee that it’ll load websites twice as fast, is cost — the 8 GB version will retail for $199 and the 16 GB version for $299 vs. $400 for the current 8 GB version, which started out selling last June for $600 or thereabouts. A $400 drop in price plus improved features means every 8GB iPhone user in the world will give their ’07 phones to their kids.

The 16 GB version will come in solid black and white models. Here are the specs for both sizes.