Oh, it's precisely the same here, HarryT.
The Trēo I mentioned (the 680, specifically) goes for $399 with no coverage and unlocked, but if you get it through Cingular/"The New AT&T" you can have it for as little as $199. I figured since I can get the thing unlocked for ~$30 through various web-services, I'm way ahead taking the subsidized approach, and unlocking it after the contract expires, if that's what I decide I want to do.