Works out at £350 for the 12 months, assuming the £50 QuidCo kicks in.
However, you'll probably want the Orange £5 a month Internet package, so add another £60 for that for the 12 months. But, hey, it's supposed to be the best 3G network out there ;)
Oh, and most importantly it's IN STOCK! Beepy / buymobilephones.net / etc. are all OOS, at least for their decent price T-Mobile offers. Please vote cold IF you can find it cheaper over 12 months and IN STOCK!