iPhone 4: Three Big Cons Beneath Sleek Design

Apple CEO Steve Jobs heralded the new iPhone 4 as, "beyond a doubt, the most precise thing and one of the most beautiful things we've ever made." To be sure, die-hard Apple fans will rush out and get one when the iPhone 4 becomes available on June 24. iPhone 4 will cost $199 for a 16GB model and $299 for 32GB model, which requires a two-year contract with AT&T. The deal extends to existing customers with contracts that finish up this year. But are the hardware upgrades enough to move the masses to an Apple Store? Apple stock actually fell on the iPhone 4 unveiling Monday, dropping $5.02 per share to $250.94.