If you were in the market for a shiny new iPhone 4S, you had but one option when it came to getting your hands on one, and that was to plunk down a wad of cash for it and hitch your star to a contract with a cellular provider so that you could get service for the shiny thing.

Well as we all know, time brings change, and on June 22, that change is one that will allow current or future iPhone users to ditch the contract, and get a prepaid iPhone 4S instead, through either Leap Wireless or, according to rumors, Boost Mobile. You'll now have to plunk down an even larger wad of cash, but at least you won't be bound by a lengthy and more costly contract as well.

So is prepaid the way to go, or is it all much ado about nothing? Let's look at the Pros and Cons of the prepaid way, and see if we can answer that ages old question: to buy or not to buy.

Pros

No Contract ~ You're not bound to any provider by a contract, which often run for 24 months, and also come packaged with early termination fees, should you decide for whatever reason that you no longer want or need their services.

No Credit Checks ~ For anyone with a spotty credit history, getting an iPhone 4S on contract will likely prove to be an exercise in frustration. Prepaid providers are much less concerned with your past credit woes.

Long Term Savings ~ Leap Wireless plans to offer their iPhone 4S service with unlimited text, voice, and over 2GB of data per month for just $60. Contrast that to the majority of contracts which are not only more expensive by $20-$40 per month, but may also cap your usage of voice and/or text each month, after which you get charged additional fees.

Cons

Less Robust Networks ~ Prepaid providers tend to have less advanced networks than their large rivals. This is evident in both Leap Wireless, whose network does not cover the entirety of the U.S, and Boost Mobile, which does not provide customers with 4G connectivity. In fact no prepaid carriers at present have a 4G network for their customers.

Larger Initial Cost ~ Savings now, or savings later? That's ultimately what it comes down to. You'll be paying as much as $400 more initially to get your phone, but could save upwards of $2000 over the course of the following 24 months with your prepaid plan in place of a structured contract.

As you can see, there are legitimate pros and cons to making the jump to prepaid. Whether or not it has more appeal to those just upgrading to the 4S, it's great that consumers of Apple's iconic device will now have the option at their disposal.