My co-worker just got back from Shanghai today. He was able to pick up a 4G iPhone for only $80.
Not sure my favorite trait. The quad band, antenna, weather app titled 'user profiles,' TV and FM reception or 64 MB of space marked '32 GB' on back.
EDIT: I forgot one other part - the screen doesn't register touch, so requires use of a stylus or at least fingernail.