Found this deal when I was going to purchase an outright iphone in the apple store, the outright price is $1040 for this phone. When comparing with Three's plan, with $199 more you will get $590 total value in the 24 months.
Total minimum spend over 24 months $1,269 for the iPhone 32GB (based on $49 min monthly spend plus $10 monthly handset instalment), which is around $52/m.
Good for a christmas gift?
Oops, I forget the $64 moneyback if you have an account @ MoneyBackCo.
Even more, if you have any friends current in Three, don't forget to ask him to send a 'referral code' to you, it would help you guys both earn up to $25 credit+.