Apple gives early iPhone adopters a $100 money-back guarantee

In an open letter to iPhone buyers, Apple CEO Steve Jobs has promised a $100 store credit to all the suckers who bought an iPhone early, before the price dropped by a third to $399. Steve, Steve, Steve. Why are you caving, after talking so tough? How are these foolish early adopters ever going to learn if you coddle them? Sure, you're not going to take a huge financial hit; after all, it's not like you're really giving the money back.

Early iPhone buyers, after all, will have to spend the money at an Apple Store, and with Apple's lofty profit margins, a $100 retail credit will probably cost you $50 or so wholesale. And what are they going to buy? An iPod Touch, when they already have an iPhone? No, more likely the money will get spent on iPhone accessories and the like — all high-margin purchases which Apple can easily afford to give away to buy some goodwill. But still. It's the principle of the thing. Next thing you know, they'll be asking for refunds whenever you speed up the processor in a Mac.