Okay... just read about this, and thought there were a couple of you iPhoners out there that would appreciate learning how to use iTunes 7.4 and a little file extension magic to get free ringtones. It's over at MacRumors, and I picked-up the trick from Brad at The Big Noob.
And while we're on the subject of iPhones: if you thought the phone was worth $600, then you still have all that magic + $100 store credit + early-adopter bragging rights. If you didn't think the phone was worth $600, why on earth did you buy it? Yes, the price drop was a little steep and a little early… but you knew it was coming. Quit whining.
PS... My friend T-rex posted a new iPhone dock based on the iPod Touch (here and here). He wanted me to say that "there aren't comprehensive instructions... I assume a basic level of familiarity with the hacking tools". So you've been warned.
UPDATE: iTunes 7.4.1 kills the work-around mentioned above, but there's apparently a fix for it.