The specter of a cheaper iPhone has haunted analyst and fanboy dreams for months. Years, in some cases. But making the healthy assumption that Apple does release a less expensive iPhone in the next few months, it's worth taking a second to remember that "cheaper" doesn't necessarily mean "cheap." Especially when you're talking about Apple.
While we're loathe to lend credence to analyst reports around here, Jeffries' Peter Misek actually makes a pretty good point about what we can actually expect from a budget iPhone. Specifically, that it won't be that budget after all. At least, not in the way that you might think. Misek speculates that an unsubsidized cheapo iPhone will actually start at between $300 and $400 unlocked, which isn't exactly a giveaway. In fact, it's still more expensive than most Chromebooks, and a far cry from the truly cheapo phones out there.