If you've recently dropped $200 bucks on a subsidized 16 GB iPhone 4, this article will make you feel better about your purchase. iSuppli has taken apart Apple's latest wonder-toy, the iPhone 4, and found that it has a total component cost of $188. (via IntoMobile) That number is the cost for parts alone; labor and marketing and R&D all add their own sizeable chunks to the overall cost.
Don't start to worry about Apple's profits per unit. AT&T pays them well for every iPhone sold. A two-year voice and data contract is worth more than any phone on the market.