I think that the $600 price point has 2 benefits. One, it makes them more money, but two, it sets it up so that not everyone will buy one. Think about it, how many more people would have gotten an iphone on launch day if they were priced at $400?
I don't think that Apple wanted to be the company that unveils this product "This thing is so awesome, you will look downright lame in comparison" and then not be able to provide any one that wanted one with the Awesome. By pricing it at $600 they ensured that only people that were willing to pay that much would show. If they had priced it at $400, they would have needed (by simple extrapolation) 33% more phones(this number is probably about right, maybe higher maybe lower). That might have been hard to do, and so they would ahve had to send people home without.
Like Pabster said, is the phone now worth less to you? You obviously were fine with spending that kind of money on it, and I can appreciate being annoyed, but Apple did not do this to go directly after its consumers, they probably wanted to price it at this point all along, but needed to make sure that there was a market for it, and that people would be more than willing to pay that price. Think about it, had it failed, they could have shrugged it off as any number of things (Well, we obviously over-estimated the value)