Let's see... a couple of things to point out...
You get a phone with an 8MP camera, wifi, and 8GB of built in memory for $49.99... and now there isn't a requirement for a monthly data plan.
Yeah, that SCREAMS ripoff to me.
This is what they should have done to begin with. I, personally, don't want a Kin Twom (I love my android), but for a feature phone, this is not bad. Yeah, they seem to be just selling off back-stock, but that is a good thing for the holidays, IMO. A lot of kids will get a killer specced phone from Santa this year.
Incidentally, the 29.99 plan is still unlimited and uncapped. I re-checked and re-verified this with Verizon both online and on the phone.