Is this a more financial-able way to get the iPhone?

I have a terrible env touch and I'm not due for an upgrade until the end of november 2011. I realize that if I want the iPhone now, I'd have to buy it at the retail price for $650. However, I know that I can cancel my line and then open a new line for $10 and they'll give me the iPhone for $200, right?
I think the verizon helper my dad was talking to told him that to cancel my current line, it'd be a $125 cancellation fee ... but I was reading on the internet that it's $175? Can someone clarify which one it is? I know for a smartphone it's $350 but obviously the env touch isn't a smartphone.
So i'm figuring, $125 cancellation fee, $10 for a new line, $214 (tax) for the iphone will all add up to $349... this is surely a better way to go than to pay $700 for the iPhone -- then again this plan seems too good to be true, can anyone elaborate?

Byuguy wrote:
vereyezuhn wrote:
If you cancel your current line you have to wait 60 days to open another one with Verizon.
No you don't.  I cancelled and opened another line less than 5 mins later.
i tend to believ the 60 day rule and think that you got lucky with a rep that didn't know what he or she was doing. the reason i think this is because i COULD SWEAR that last night 2-3 people posted that they did this as well. now those posts are gone? and the ones pointing to the 60 day rule are here. just my theory. there are also other threads on this topic and they all seemed to state that there is a 60 period that, if you try to open a new account, verizon just reinstates the old contract.
edit---nevermind. aparently the poster has started 2 of the exact same threads???
http://community.vzw.com/t5/iPhone-4/Is-this-a-more-financial-able-way-to-get-the-iphone/td-p/444460

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