The iPhone 5 was announced and most will realize what that means in terms of the older models — some will be discontinued and some will be given price cuts. To begin with, the iPhone 3GS has officially been discontinued. Perhaps more important for some, the price drops for the iPhone 4 and iPhone 4S. Moving forward, the iPhone 4 will be available for free and the iPhone 4S will be $99.99. Of course, both of those assume a two-year carrier agreement.