Excellent news for anyone who still wants to buy an iPhone 4 – Apple’s estimated shipping time is now down to a much more reasonable 5 – 7 days – down from the 3 weeks the Cupertino outfit has been quoting pretty much since launch day all the way back in July.

On sale for just over 5 months and with over 1.5 million devices sold in the first 3 days, Apple has been struggling to keep up with demand even before sales began in China. China Unicom even sold out their initial allocation of iPhone 4′s and are currently working on a huge waiting list. Hopefully the reduced shipping times means Apple is now starting to catch up with demand as they did with the extremely successful iPad.

Both the 16GB and 32GB models currently available are shipping inside a week, but the elusive white iPhone 4 is still unavailable for order or in-store pickup and Apple are keeping us all in the dark as to when we can expect to be allowed to buy one.

For the more budget concious the iPhone 3GS is listed as available within 1-2 weeks in an 8GB capacity. Have you ordered the black color or still waiting for the White iPhone 4? Let us know in the comments section.