Samsung Galaxy S2 handset.
This is a contract that reads like this:
O2 50 24Months 50 minutes, 250 texts (£10.50) with 100MB Internet Bolt on. (£3)
£59.99 upfront then 24 x £10.50 (252.00) Total Cost £312.99
But you could choose to pay the remainder of the contract off immediately and they will (hopefully) discount the VAT on the price of the contract. So this becomes:
£59.99 plus 24 x £8.75 (£210.00) For a total of £269.99
Quidco should track at £50 so potentially £219.99.
The idea being that you'd have a phone that should be in a new condition and be free to put it on GiffGaff sim or whatever you desire.
Even if the Galaxy S3 were to be released as soon as the end of March (unlikely) you'd be free from contract and able to upgrade and it's highly likely you'll be able to still sell the S2 for at least £200.
Hopefully this will be of use to someone or at least of some interest.
I don't know how to get to the page directly on O2 as I used a comparison site.