Hours after the release, iSuppli ripped up the iPhone 3G S to take a look at what we were holding in our hands. Now they have come out with a bill of materials estimate detailing the approximate parts and manufacturing costs of the new Apple release.

At the iPhone 3G release, the same website estimated the 8GB version to come in somewhere around $174.33 and the estimate for the 3G S clocks in at a total of $178.96, parts & labor.

This is definitely not a significant increase considering the new additions to the model. Such as the the improved camera with video recording, the beefed up processor and various other goodies that we’ve been blogging about over the past few days.

While this may seem like peanuts in comparison to the $199.95 retail price of the Apple iPhone 3G S 16Gb the carriers are still making hand over fist in what will be paid in contract commitments and fees. Just as the model was released the Bill Shrink estimated the total cost of what you will be putting into your iPhone 3G S with a 2 year contract to be around $3600.

Some food for thought for those of you considering investing in a new smartphone!

Check out the breakdown here: