As we have speculated earlier, there are no price cuts after all in those iPhones to be sold by Wal-Mart. Well, there is a two dollar price cut for both the 8 and 16 GB models. However no $99 iPhones. Not as yet.

However, we now do have a fixed date. December 28th. That’s when the iPhone will be off the Wal-Mart shelves.

This pilot project by Wal-Mart will be opening in 488 stores across the country with 5 iPhones for each of these stores that will be sold only to the Wal-Mart employees. Who in turn will get the benefit of getting a iPhone with a 15% discount on AT&T contracts.
Note: As with almost anything Apple, there is still some bit of mystery  involved with even this- a sales issue. The

source of all this information is a letter in Engadget which Engadget themselves are not sure:

At this point, it’s clear that the $99 iPhone 3G rumor was just that: rumor. We have a letter that we believe to be authentic from a source within Wal-Mart that says the iPhone will launch in the house that Sam built at 9am December 28th.

Visit the Engadget site for the original impression of the letter and more.