If you recently brought a iPhone and were unhappy with the recent $200 price drop, you can find a ray of hope by checking out the refund policies of the Apple store, which accept such requests within 14 days of the receipt of the product.
Read the Apple Store Return and Refund Policy which says that if you are not satisfied with your Apple purchase of a product, you can call 1-800-676-2775 for a Return Material Authorization (RMA) request within 14 calendar days of the receipt of the product. If you send the unopened original box, they will exchange and offer refund. But the deal is valid within 14 days of buying the Apple gadget, and must include all accessories and manuals. They might charge a 10% restocking fee is the box is opened.
Configure-to-order, personalized or other customized products are not eligible for refund or exchange. If you bought an iPhone from the Apple store in the last few days, you can consider the refund option.
Update: TUAW has some tips on how to handle this situation like some credit cards offer price protection.
Update: Apple plans to offer early iPhone customers a $100 store credit.