With many bloggers and news sources covering the Apple iPhone price drop as well as the concurrent unveiling of the iPod touch, the big story is not the drop from $599 to $399 but ultimately the impressive influence of the blogosphere.

Within minutes of the press release on Apple’s website bloggers were quick to respond with posts on how unfair the price drop was to Apple’s most loyal customer base (and more importantly, influential bloggers).

Steve Jobs quoted from an interview with USA Today:

“That’s technology. If they bought it this morning, they should go back to where they bought it and talk to them. If they bought it a month ago, well, that’s what happens in technology.”

Apple having realized the error of their way, and most likely an attempt to reverse the negative publicity it was gaining both from traditional and non-traditional news sources, released a second letter announcing a $100 credit to their early adopters. 

“Our early customers trusted us, and we must live up to that trust with our actions in moments like these,” from Steve Jobs in an open letter to their customers.

And if this wasn’t enough, their early adopters are already quick to suggest alternatives to the $100 store credit in the form of a unique item to reward them for being among the first to purchase the iPhone.