That price will get you £60 of calls and texts each month and unlimited web and Wi-Fi access. However, it'll cost you £222 for the 8GB iPhone 3G, £320 for the 16GB iPhone 3GS and £407 for the 32GB iPhone 3GS - a rather hefty upfront cost for the device.
As with other networks, however, there are other options. If you want a free handset with unlimited calls, texts and web, you're stuck on a 24-month contract for a whopping £60 per month, and you'll only get the 8GB iPhone 3G or 16GB iPhone 3GS free. The 32GB iPhone 3GS has a £50 surcharge for the device itself.
And it wouldn't be Tesco if there wasn't a pay-as-you-go option. You get triple value for your credit, meaning a £15 top-up gives you an extra £30 free, and a £20 top-up gets you £40 free. Web access is unlimited for 12 months, and you'll get Wi-Fi with that too.
But to get access to those PAYG deals, you'll need to shell out £342 for an 8GB iPhone 3G (a handset that's now 18 months old), or £440 for the 16GB iPhone 3GS and £538 for the 32GB iPhone 3GS.
By our reckoning, it's the first of those three deals that represents what seems to be the best value, but we'd be interested in hearing what you think of the offerings and whether you'll be picking one up first thing on 14 December. Tell us in the comments box below.
Thanks to @guycocker for the tip.