iphone 4 Midnight Release??

0%. Apple will never allow a store to sell iPhones early before they themselves will open to sell them.

Walmart is going to be an iffy place to go no Thursday. I just spoke with a manager at the local walmart. She told me:
1. Walmart will only have the 16GB model (concurs with other posts).
2. They will start sales at the normal cell phone dept opening time (8AM at this store - usually 8 or 9 at most stores that have the section).

I tend to believe this one since it was the manager (she even had the inventory sheet but wouldn't let me see how many she's getting) and the store has just done a remodel of its phone section.

Personally I'm starting to think its time to look more at the apple store. The balance of the rumors seem to be that they will get the most inventory but they will be the center of the 'storm' as well.

What I am gona do is this...

Go to the apple store and be in line by 5am EST for release day, but if I miss out on the iPhone 4 there I am then going to head over to walmart that opens at 9am EST (locally) to try and get it. IDK if it will work or not, but two chances are better than one.