FWIW - I bought a 3G (8 gig) two weeks ago for $140, in near-perfect condition.
I called the guy 20 minutes after he posted it and he said I was the 4th person to call him. I met him at lunch an hour later and bought the phone - had I waited until after work, it would've been gone.
if it's a 16gb, you should be able to get close to $200 for it, if it's in excellent condition. just check craigslist and see what the others are listed for...that will give you an idea.
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