Worldwide Distributors via eBay offer the Unlocked Apple iPhone 5 16GB Smartphone for GSM Networks in Black, model no. MD293LL/A, for $624.99 with free shipping. That's the lowest total price we could find by $24 and the best no-rebate price we've seen for an unlocked iPhone 5. (We listed one for $600 after a $50 rebate last month.) It features an Apple A6 processor, 4" 1136x640 Retina display, 8-megapixel iSight camera, 1.2-megapixel FaceTime HD camera, 1080p video capture, 802.11n wireless, Bluetooth 4.0, 1GB RAM, and more.

Note that this phone will not work on CDMA based carriers such as Verizon, Sprint, Alltel, Cellular One, Metro PCS, and Cricket.