Yes, the good news is that eventually all the three telcos here, SingTel, M1 and Starhub, will be selling the 3G iPhone. When that happens, competition will definitely drive the prices down. You can already see the heat of competition the day that true number portability came into effect. For example, SingTel was giving away free MacBook Airs (with hefty contracts of course).
Well, all these competition is good for consumers.
Update (8 July 2008): Optus has announced pricing for the iPhone in Ausralia. Since Optus is a subsidiary of SingTel, the pricing there could provide some indication of SingTel’s strategy in Singapore.