iPhone 4S is only $49.99
If you know you want to go with Sprint for your cell data provider, you might as well get an iPhone 5 for $150 instead of $700, right? $150 iPhone 5 or $50 iPhone 4S with 2-year Sprint contract
The unaffiliated base model iPhone 5 goes for $699, and the 4S ships for $599. Typical 2-year contract pricing is $200 and $100, respectively.