Historically Apple has increased the features to offset the reduced actual or perceived value. From a consumer perspective the price decrease appears to suggest that the innovators and early adopters were ripped off. In all the hype they failed to remember that nearly every cell phone has followed a similar price reduction schedule. Razrs are almost free now.

Perhaps if apple had held on to the higher price it would have reduced the angry reaction from their loyalists. On the other hand consumer memories are short, and apple had to try get deeper into diffusion of innovation curve before the competition started to release hints of competing products.