According to Droid-Life, Verizon will be reducing the price of the Galaxy Tab to $499 (with no contract). In addition, Verizon will be throwing in $60 worth of movie rentals through Blockbuster or Media Hub. In order to ease concerns for those who already bought a Galaxy Tab before the price drop, Verizon will issue a credit to those who purchased one 14 days before the price drop. At $499, we still believe the price is too high. At $399, it starts to be competitive.