Why would you believe the phones would be arriving at the store at 12:50?  What kind of estimate is that, it makes absolutely no sense and you should not have been so gullible.  

On top of it all, for such a popular item as a BRAND NEW iPhone on release day, would would you show up 50 minutes before this "supposed" 12:50 time.  Certainly there would be a line well well before that.

All stores without a doubt had the phone before Friday, probably had it on the 10th or 11th.  I'm not sure what planet you are from but businesses do not work that way.  A corporation like AT&T would not get a product shipped to them in the middle of the day and just start selling it.

You should of done some research, it's not AT&T's fault, and why did you go there in the first place.  Why didn't you go to the Apple store like the rest of the world who didn't preorder it.  Mine came to my doorstep today, how convinient.