http://now.sprint.com/nexus/

[Bujin#IM]

You don't get the subsidies at the 1yr mark. It's only $75 off the full price of the device. At 22 months you get either $150 off the full price OR the advertised price (new customer price) of the device, whichever is cheaper. The difference between 1yr and 22months is significant.

I actually had a different experience. Wifey's line is only eligible every 2 years, but I upgraded her to an EVO after a year, and they gave her the $75 as well as the mail-in, so it really was only a $75 difference. Total no-brainer.