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Basically you'll keep paying what you've been paying, but you won't get a new phone, unless you ask for one, at which point you'll be locked in for another 2 years.
You may consider taking their Xperia X10 Mini special, getting u a 3.5k phone for 2.5k over 2 years, but then put a prepaid SIM in it. That's what I did - got a great phone but not paying ridiculous rates for "peak" time calls anymore. Not to mention free sms's - and I get the satisfaction of giving Voda the finger.