The iPhone 4S is just on sale since a couple days, but Walmart has already a sale on it. At select Walmart stores you find the 16GB iPhone 4S from Verizon and AT&T for $188 instead of the regular $199 with new contract. That is about 5% discount, which is already awesome for an Apple product. More details on Walmart.
Earlier today we reported that Apple has already sold 4 million iPhone 4S over the weekend. This is over twice as much as the iPhone 4 sold. The iPhone 4S is will be an amazing cash cow for Apple. There are a lot of reused components from the iPhone 4 in the iPhone 4S which drives up the margins dramatically. This I think also explains that Walmart can give a discount on the iPhone 4S. There is just more wiggle room with the iPhone 4S.