I was hoping for $200 off, like prior years, but that was obviously unrealistic given the already aggressive price point. $150 or even $100 would have been nice. $50 seems like nothing. At least they're not going to upset the loyal early adopters like they've done in prior years.
This isn't really apples to apples comparison. They generally get their money back by locking in combinations of extended device credits on your data plan over 12/24 months, signing up or adding a line on higher priced plans, requiring a trade-in on your existing "eligible" phone, etc. If you're tied into and happy with your carrier, this works, but I do believe that most people can save in the long run by taking their unlocked phone to a cheaper provider. For example Visible runs on Verizon towers (I know there are some coverage gaps) and has a $40 unlimited plan. VZ's plans that are required to receive the $700 discount are $70 a month. That's $720 difference over 2 years. Some of my assumptions may be off a bit since I'm going from memory, and many situations (e.g. family plan) will affect the difference, but the advertised discount does not pass through to the consumer. I know there are many that will benefit some, but most will benefit more in the long run by paying more upfront and shopping for an economic plan.