I have customers come in daily wanting the 4S, and I tell them that if I were going to get an iPhone, at this point it just makes more sense to wait for the 5 to come out because you'll have LTE capability, unlike all previous models being 3G only (you should see the looks on peoples faces when I explain to them that the 4 and 4S are just the generation names, and not meaning data connectivity, lol)
I definitely don't foresee a drop in price for the S3 for quite awhile, since it is so new. Even here at Costco, it's still $199 for the 16GB, and we're almost always less expensive than Corporate