$499 would have made more sense to make it easier for more people to afford a brand new iPhone. For the $599, I'm sure more people will now buy a better equipped, refurbished iPhone with warranty. OK, it doesn't have the A18, but who will notice the difference in speed?
What troubles me is why is Cook all the sudden kissing this guys arse and doing things he could have done before without getting kicked his arse by this guy?