ON JUNE 29

the Apple iPhone will make its breathless debut.

"This is the most hugely anticipated phone since Alexander Graham Bell's first phone way back when," says Michael Gartenberg, research director for Jupiter Research, of the multimedia touch-screen cellphone. Adds Kent German, senior editor for electronics review site CNET: "The hype has been unbelievable. For hardcore Apple fans, it's the be-all-end-all phone."

Despite its daunting price of $499 for a 4GB model and $599 for an 8GB model, the iPhone is expected to capture about 6% of the market upon its release equal to the market share the RAZR held at the peak of its popularity, according to a study by market research firm Markitecture. "The early adopters those people who just have to have the latest and greatest would probably buy it at twice the price," says Gartenberg.

Whether you're hot to get your hands on an iPhone or not, its appearance on the marketplace makes for good deals for consumers. Here's how to make the most of it:

Buying

Fine-tune your timing

Our experts agree: With such steep initial costs, you'll get the best value by putting off your iPhone purchase. "There are always bugs in a first-generation device," warns Michael Gikas, an associate editor for Consumer Reports. Apple hasn't sent out review models yet, but there are already concerns about active battery life (just five hours instead of the usual eight), screen durability (which must work as both viewer and keyboard) and shape (so-called candy bar phones can have poor sound quality).

At the very least, wait to buy your iPhone until the first post-launch reviews go up on June 29 or 30, says Gikas. You'll get a more accurate picture of what to expect than reading early assessments based on review models.

If you can, however, delay your gratification by another three months or so, says Gartenberg. "All technology, the longer you wait, the cheaper you can get it with more features," he says. Although Apple is notoriously averse to discounts, it is quick to push out new models. (Consumers paid $250 for a first-generation, 15GB iPod the same price as they would pay today for a 30GB device that also plays videos.) "You get more device for the same amount of money," he says.

Look to service first
Because AT&T/Cingular has a lock on the iPhone for five years, consumers can't follow the general wisdom of selecting service before picking a phone, says German. But that doesn't mean you shouldn't do due diligence. "If Cingular doesn't work well in your area, you've just spent $500-plus for nothing," he says. Before purchasing, check your area for coverage.

After you buy, take steps to avoid buyer's remorse. "Take that phone everywhere, and test everything," says Gikas. "By law, carriers have to give you 15 to 30 days to try a phone and return it without penalty." AT&T/Cingular falls on the more lenient end of the spectrum, allowing penalty-free phone returns and service cancellation within 30 days.

Avoid early termination fees
If you aren't currently an AT&T customer and you're looking to switch, don't fall prey to the hefty $200 early termination fees, says Gartenberg. Ride it out, or try these methods for an early departure:

. When your carrier increases fees or alters its customer agreement, you may be able to escape your contract without paying the early-termination fee. All the major carriers provide a set window from the day the change goes into effect to contest it and cancel Verizon allows 60 days; Sprint and AT&T, 30 days; T-Mobile, 14 days.

Claim poverty

. Consider a site that lets you find someone to take over your cellphone

. The fees are nominal just $20 on

, for example and kick in only after you've found an interested buyer.

Swap contract CellTradeUSA

Not Buying

Not in the market for a $500-plus phone package? The iPhone can still help you get a good deal on your existing service. The hype surrounding the iPhone has sent phone manufacturers and cell carriers scrambling for ways to keep current customers, says German. "Carriers hate churn, hate people leaving," he explains. "They're obsessed with that figure. Express an interest in the iPhone, and well, I could see them doing something to keep you."

Here are a few perks you might be eligible for:

Hot new phones
While Cingular has exclusive selling rights to the iPhone for the next five years, competition to find a so-called "iPhone killer" is heating up, says Gikas. To successfully compete, these new phones must offer both comparable multimedia features and a more attractive price. Two recent smartphone releases that fit the bill: Sprint's UpStage ($99 after rebate with Sprint contract) and Helio's Ocean ($295 with Helio contract).

Free phone updates
Of course, your carrier can't help you get an iPhone, but this is a great time to swap out your shoebox-sized dinosaur for a swankier model, says German. A free, or heavily discounted, new phone will be the first thing your carrier offers should you threaten to leave.

Cheaper service
If you already have a new phone, it's worth pressing your carrier for other discounts, says Gikas. Just wait to make that negotiation call until after the iPhone's June 29 launch. Because most smartphone purchasers are companies, carriers are currently hedging their bets on just how popular the iPhone will be among individuals, he says. You'll have more leverage and more discount after carriers see how the iPhone lives up to its hype.