For those of us who were a little miffed at the sudden price drop of the iPhone a mere two months after its release - a hefty US$ 200 being slashed off its price tag - Steve Jobs has heard our cries, and he's doing something about it. Enter his most recent open letter to the iPhone-wielding public, apologizing as well as listing out the reasons why Apple, as a company, decided that the price cut was indeed a smart move to make.

So why the price cut? Here's Steve to tell you just what with this unedited portion of his open letter:

First, I am sure that we are making the correct decision to lower the price of the 8GB iPhone from $599 to $399, and that now is the right time to do it. iPhone is a breakthrough product, and we have the chance to 'go for it' this holiday season. iPhone is so far ahead of the competition, and now it will be affordable by even more customers.

It benefits both Apple and every iPhone user to get as many new customers as possible in the iPhone 'tent'. We strongly believe the $399 price will help us do just that this holiday season.

It's not to annoy the customers, that's for sure, but to make the iPhone more accessible and more affordable to the rest of its targeted demographic. Also, with the holiday season right around the corner, wouldn't you want to have the ability to give your loved one the iPhone he or she had been dreaming about?

That' not the entire thing about the open letter, though. Besides the apology and the reasons, Steve also offered something in return for those of us who stood in line for the iPhone:

Therefore, we have decided to offer every iPhone customer who purchased an iPhone from either Apple or AT&T, and who is not receiving a rebate or any other consideration, a $100 store credit towards the purchase of any product at an Apple Retail Store or the Apple Online Store.

Details are still being worked out and will be posted on Apple's website next week. Stay tuned.

A US$ 100 store credit for an apple product, both in the retail and online stores? That's quite a steal, especially if you're planning to buy one of Apple's latest gadgets. See, people do listen, and Steve Jobs certainly did.

You can check out the full open letter at the read link below.