At $100 ($205) per week, it's not much cheaper than buying one, but UK residents can rent an iPhone from hire company Erento (sample products: Female stripper, circular saw, ladder).
Daily and monthly plans are also available (£30 and £170, or $60 and $350 respectively), and appear to operate on some kind of P2P system: the pictures of the two available iPhones (in Manchester and London) look as if they have come from a particularly dodgy eBay auction page.
We particularly like the description from the London supplier, who almost completely misses the point of the iPhone:
Product page [Erento via The Reg]