only first version
the first iPhone is surrounded by lots of hype and advertisement and won't sell in big numbers. Especially if it is not subsidised.
This makes the 10% look OK because it won't be that much money for a lot of press coverage.
The second version will attract only a fraction of the hype and the negotiation position of Apple will change.
the target public for iPhone are the well-off fashion victims who pay half the iPhone's price for a pair of jeans. But the normal people will opt for a less prestigious phone.
I wonder what exchange rate Apple will use. The 600$ will surely become 600€ if not more.