iPhone Price Drops, Does Jobs Rise to the Occasion?

The fallout over yesterday’s announced iPhone price drop was immediate — and angry. Apple’s stock tanked as blogs filled to the brim with step-by-stop instructions on how to return your old iPhone and buy a new one — at $200 off.

Steve Jobs to the rescue? In an open letter to iPhone customers in which he (improbably) claims to have read each and every angry e-mail sent to Apple over this issue, he’s making an offer to every iPhone owner who doesn’t return their unit, then exchange it for a new model at $200 off what they paid for it in the first place.

The offer? $100 credit towards their next Apple purchase.

Now, math isn’t my forte, but I do know the difference between $200 in my pocket and $100 with Apple’s name on it.

Still, Jobs gets credit for reacting swiftly, decisively and publicly. The question is, will iPhone owners swallow it? Time — and the blogosphere — will soon tell.