Today’s update encompasses a ton of product and pricing information, as Apple has refreshed the entire iPod line (which the iPhone is a part of), and has drastically reduced the price on the first iPhone model for the holidays.

The biggest news is that the 8gb iPhone will be reduced in price to $399 (USD), and the 4gb iPhone will be discontinued once supplies run out (available at $299 until then).

Also of note are the refreshed iPod Nano line, and the newly introduced iPod Touch — basically an iPhone without the Phone. The iPod Shuffle also received a modest update with new colors, and the “Classic” iPod has received a metal case.