I checked it out too. It seems it depends on the plan you have. If you're upgrading a Cingular plan, then it's $549. I'm hesitant to say only $549, because that's still a nice bit of change.;)
I assume that if you're not w/ Cingular, then you get hit with the $699. For that price, you can get a
Mini Mac and iPod Mini for a few bucks more.:D I'd wait for T-Mobile to release their Treo 650.