Simple, do what they did before: drop prices. We know they’ve got the 3G phone waiting in the wings. 3rd party applications are raging to be released. AT&T dropped the no business discount they had going. All these signs point us to new introduction and price drop for current product.
I think Apple found the sweet spot of $399 and will likely put the new 3G phone there. We’ll most likely see some kind of cosmetic change to the design, just to make a visual differentiation and make the masses crave the new.
P.s. How soon? That is the magic question. If Apple stock keeps down-ticking and stock continues to grow, it will be sooner than later. Possibly as early as next month’s SDK kick-off. That is my guess. What is yours?