MMS? Awesome. Oh, wait. No AT&T yet.
Tethering? Awesome. Oh, wait. Never mind.
$199? Oh, wait:
Requires new two-year AT&T wireless service contract, sold separately to qualified customers; credit check required; must be 18 or older. For non-qualified customers, including existing AT&T customers who want to upgrade from another phone or replace an iPhone 3G, the price with a new two-year agreement is $499 (8GB), $599 (16GB), or $699 (32GB).
- via first footnote at Compare iPhones.