The announcement came via a press release this morning. Apple stated that if you are not fully satisfied, you can return your undamaged iPhone to any Apple Retail Store or the online Apple Store within 30 days of purchase for a full refund.
ComputerWorld was able to confirm this with an AppleCare Support Representative.
Apple may have done this in part to quell lawsuits brewing against the company. For example, in a lawsuit filed Wednesday Kevin McCaffrey and Linda Wrinn accuse Apple of knowingly selling a defective product, adding that they "are unable to return the phone without incurring a substantial restocking fee."