A furious response from early adopters to the $200 (E146) cut in iPhone prices has seen Apple give $100 credit notes to all early purchasers. The company posted an open letter from CEO Steve Jobs on its Web site defending the decision to cut the price of the 8GB iPhone from $599 to $399, but acknowledging that Apple shouldn’t have treated its early adopters in such a fashion.

“Even though we are making the right decision to lower the price of iPhone, and even though the technology road is bumpy, we need to do a better job taking care of our early iPhone customers as we aggressively go after new ones with a lower price. Our early customers trusted us, and we must live up to that trust with our actions in moments like these,” Jobs wrote. Details on how to obtain the $100 store credit will be posted on Apple’s Web site next week, he added.

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