Looks like the people selling those iPhones on eBay aren't really making any money. A guy spent all weekend looking at 993 iPhone auctions on eBay and came to the conclusion that the average profit made was only $54.43.
When you consider that the sellers most likely spent at least a day in line to get the auction up so soon, it becomes clear that it isn't worth the effort. Prices have been consistently coming down and there have been increasing reports of people just walking into Apple Stores and buying an iPhone without having to wait.
Sounds like we may have another PS3 eBay fiasco, where unlucky buyers found that not many were willing to pay extra for the console.
CNet News.com: Get-rich-quick iPhone schemes not paying off