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Besides introducing the world to the newest incarnations of the iPod and iPod Nano, Steve Jobs, CEO of Apple (NYSE: APPL), also ticked off many of those eager beavers who have already purchased the iPhone by announcing a $200 price cut to the device, at an invitation only press conference held in San Francisco today.   

Gone is the iconic white and scroll-wheel design of the original iPod, which has sold over 110 million units worldwide, in its stead, the iPod Touch. The new MP3 player comes WiFi enabled and is capable of downloading the last 10 song played at Starbucks (NYSE: SBUX), in a nifty little partnership between the two behemoths. The iPod we've all come to love has been dubbed "the classic" and will remain in Apple's lineup.

Not that you’d need to go to such lengths. Down from its original price of $599, the iPhone is now $399 for the 8-gigabyte version. Good news for those of us pinching pennies at the pump, but the price slash will undoubtedly rankle anyone who recently purchased the now retired 4-gigabyte version, only to see they could have gotten double for their money.

Tim Beyers, analyst at The Motley Fool, predicts the move will cause many consumers to think twice before purchasing Apple products so quickly in the future. Perhaps anticipating the accuracy of Beyers’ prediction, Apple stock dropped 5%, closing at $136.76.