Apple doesn't officially offer the 32GB iPhone 4 anymore. After the introduction of the iPhone 4S, the iPhone 4 is being officially sold now as an 8GB model only, but 32GB models must remain from previous inventory. The 32GB iPhone 4 costs $199 with a 2 year contract. Both phones need to be signed up for the two year contract, but this still represents a $199 savings if you are in the market for a new iPhone 4.
The offer is for in-store purchases only this Friday and Saturday.