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Samsung Galaxy S II deal

I have a really old phone off of 2005 (so retro!) and think it's time to get on board with the smartphone but I'm hesitant to part with my money! I'm drawn towards the Samsung Galxy S II.

Does this £20.50 Vodafone deal seem like a good offer from Phones4U http://www.phones4u.co.uk/shop/shop_contract_details.asp?ItemKey=519740&intcid=hero1_right_gs2_20042012

Would it be wiser to wait a month or so in the hope prices will fall as the S III is coming out?

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