Likely to be some nice profit margins if Apple is getting as much as $400 from AT&T for each one sold.

Portelligent thinks that this time Apple may pay as little as $100 for the components, down from $220 for the original.

...

True, but Apple may be charging AT&T as much as $400 for each unit.

http://gizmodo.com/5017486/iphone-3g-could-cost-just-100-to-make-say-analysts