It may be coming to the end of its extended lifetime, but Apple’s iPhone 3GS is about to get a send off that should make many bargain hunters happy.

The two-plus year old iPhone 3GS is set to go on sale at Best Buy stores, with the super low price of free being a major win for the little phone that could. The downside? You’ll have to sign your soul over with a two year contract in order to qualify. The one-day sale kicks off on August 22nd…

What might seem like a steal at first suddenly starts to turn sour when you scratch the surface. Yes, you might be getting a capable handset for no upfront cost, but you might not be so keen on your 4 year old device when the iPhone 5 is just around the corner.

Our suggestion? Wait a couple of months and pick up a cheap iPhone 4 once its replacement is in the stores.

Will you be rushing out to pick up an iPhone 3GS for free from Best Buy? Or is it still not worth it?