Jobs promised. The process couldn't be easier, and you don't need a receipt, just enter your phone number and serial number, the latter which can be found on the back of your iPhone, and Apple will SMS you an access code. Once you enter that you're home free, and can finally go on that iPod accessory shopping spree you've always dreamed of -- or if you're a true fanboy, put the credit towards an iPod touch just to see what all this "iPhone without the phone" fuss is about.
Update: A couple of interesting things to note about the program so far. First off, and most disappointingly, the program doesn't work with iPhones that haven't been activated on AT&T. Second, and slightly more far-fetched, is that we're hearing reports of people scoring the credit with their post price-drop iPhones. It seems like any way you slice it it's worth tossing your digits into the thing and see what comes out, before Apple tightens things up, and we'll keep an eye out for recourse for those who haven't activated their phones with AT&T like good little consumers.
[Thanks to everyone who sent this in]