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um, or just run Ziphone
It's one button click. Plug in new iPhone to computer, run Ziphone, click button, get cup of coffee, come back to find unlocked+jailbroken iPhone.
Of course, right now, nobody's selling the "old" iPhone because there's no stock left- Apple stopped production a while ago to clear out the shelves for new ones. The real challenge will be buying one, because the new one will not be sold without a contract anywhere.
Oh, and before you go "wow, look at how much more affordable it is!", look more closely; yes, the "retail" price dropped, but the 3G data plan costs $10/month more, which means the phone is "costing" you $240 more over the life of the plan/device.
Extra
The extra "$40" between the old price after two years and the new price after two years also then gives you HSDPA (3G) instead of EDGE for data transfer. Anyone using 3G speed on ATT has to pay the extra $10, not just the iPhone, so you're paying $40 not $120 if you consider the new phone to be equivalent to the old phone purely based on the data storage size (you're also getting A-GPS and a bunch of other new features in the phone for the extra "$40" after 2 years..).