What's the catch to getting a free iPhone 4S at AT&T?

I'd like to get this phone, but there has to be some sort of catch if its free, right?

You've to sign up a contract for 2-years to get the phone for free or at discounted price.

You sign a 2 year contract, but that's about the same deal anywhere else. They can do the 4s this way because it's not the most recent model and much cheaper. You can buy the 4s outright and not be locked into contract if you wish.

You have to sign a 2 year agreement with them (so you can't change carriers/leave AT&T until 2 years are over)

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