The blogosphere is buzzing with the news of the Steve Jobs open letter on the Apple Web site offering everyone who paid $599 and $499 for the iPhone a $100 store credit at any Apple store.

The news comes on the heels of many angry early adopter iPhone owners who were livid that that the price was dropping $200 a mere two months after it was introduced. Customers who shelled out close to $600 and stood in line waiting for the much hyped iPhone had reason to be angry. Many sent emails to Jobs.

And he listened. It’s really a brilliant move from a PR standpoint.

“We need to do a better job of taking care of our early iPhone customers as we go after new ones.” He goes on to say that his early customers trusted them, and they must live up to that trust.

It shows customers that Steve Jobs has been held accountable. By releasing the open letter, he avoids any sort of backlash that was about to appear in relation to the dropped prices. This move tells early adopters that he appreciates their business and loyalty, while at the same time moving forward to reach an audience, who, because of cost, couldn’t enjoy the iPhone.

As a PR practitioner, we could learn from him. It’s an excellent example of crisis public relations at its best:

• Admit your wrong
• Address the situation
• Correct it as quickly as possible
• Move on

He did it like a pro. And as many have reiterated, it was a job well done.