It's certainly one of the more innovative schemes we've seen launched by O2 rivals in recent months, but it makes very little sense...
Phones 4U is the originator and it is offering up to £269 cash back when you trade in your old iPhone for a "smaller, faster and better" Samsung P480 Tocco. Naturally enough however the retailer hasn't gone into any depth about the 'up to' part so approach this with some caution.
On the other hand, we'd also say don't approach it at all since while our review of the Tocco revealed it to be the best Samsung touchscreen handset to date it's still no iPhone beater, let alone iPhone 3G. Why, I hear you ask?
Here it is in a nutshell: the screen is smaller (2.8in verses 3.5in), the HSDPA connectivity isn't worth a great deal when you equip it with a poor browser, the 5MP camera suffers from shutter lag, the 220MB of onboard memory is a mile off the 8GB or 16GB on the iPhone, there's no WiFi and the whole touchscreen interface is still a long way behind multi-touch.
Of course the Tocco remains a fine handset in its own right and if you don't own a touchscreen handset it's a good purchase - just don't swap your iPhone for one...
Press Release (PDF Warning)