No, I really don't think you can go into most stores and say I want the new version for free.
No you can return and exchange the item with in there return policy. Best Buy has 30 return and for Silver Reward Members it is 90 days, Costco has 90 day return policy, Wal-Mart has 60 day return policy, Lowes and Home Depot have 30 days return policy.
ATT, Verizon, T-Mobile and Sprint have 30 return policy's on all the phones they sell.
So you buy for example Item X for $399.99 today. Within 30 days new version of item comes out which is X-1 for $399.99 they will do an even swap for you no questions asked. If X-1 is cheaper they will even refund you difference. If X-1 is more you pay the difference between both items.
I signed up via best buy for D* last time. I bought Sony HD-10 with in 30 days after have my D* installed Sony released HD-20. HD-20 was $300 less than HD-10. Best Buy swapped my HD-10 for HD-20 and refunded me $300+ taxes. Ie the difference between both boxes.
I bought an Imac at the apple store in Feb then in March Apple released new Imac models. Apple store offered to swap my old Imac for the new model which cost the same price as the old model but was faster because the new model was released with in 30 days of me buying it and Apple has a 30 day return policy.
That is no different that what E* should do. If MSRP on Vip722 is $399 and new Vip722k has $399 MRSP they should swap it for free.
Many many retailers do this.
P.S. Cell Phone companies subsidize the cost of the phones. They still allow you swap the phones with in 30 days for subsidized cost not the full retail price. That is really the same model as E*. So if you bought a phone that was free with 2 year contract you can swap it for an other free phone.
I am willing to bet money once the Vip722-K is released it will be free for new customers. So I personally think E* should allow customers who signed up within X days of release or announcement to swap to new model for free. Not saying they will just my 2 cents.