So before all the spec warriors and iPhone haters get on the blower, yes this isn't the best specced out phone, with the most RAM and an Octocore processor blah blah. What I think it is, is a pretty good deal for those who want in on the iOS environment on a budget + plan on a reasonably decent network.
If you were to buy an iPhone 64GB SE outright it would cost you $749 + SIM ONLY plan of ~$30/pm to get the equivalent inclusions on the Optus network = $1470 over 24 months. All up, including the $100 credit this deal will cost you $1100, which I think it pretty damn good.
Would seem ideal for parents who love using an iPhone but don't need the iPhone 7 features/larger screen and just want a cheap plan, or for those who simply think spending close to $100/pm is absurd.
It's only for a few different colours, not 'any' colour.