Is the IPhone 4 really 99 cents as it says here? (Or am I misinterpreting)?

Serious answers please. I'm a newbie to shopping phones.
http://www.verizonwireless.com/...oneId=5782

Its 99 cents with a 2 year contract. So the phone is pretty much free as long as you sign up for a contract with verizon.

Yep $.99 with a 2 year contract at $100/month +taxes and fees and a $35 activation fee.