According to Mobile Today, the localized version of the 8GB iPhone will sell in the UK for £169, down from a previous £269, so basically Apple and its UK wireless partner, O2, will sell the iPhone for only $333, compared to its current $399 price tag, in the US.
Unfortunately, it seems the 16GB iPhone will remain at £329, about $645, but the price cut of the smaller model revives the rumors regarding the upcoming 3G iPhone.
Considering the above, I guess the US users should also expect some cuts in the near future, but I can't really tell. If you're in the US and you know something, or at least if you want to say something about this, please feel free to drop us a comment, we're here to listen, and we're anxious to hear your opinion!