If it's only $300 unlocked, it should cost less than $200 with a two-year contract. The iPhone 5 is $699 (16GB) and is still $200 with a two-year contract. Can LG/Google not get this same subsidy for their phones?
Possible this is what gave way so Google would have complete software control. Remember that carriers get paid on preloads; and it's clear Google doesn't have the same sway Apple does.
The nice thing about T-mobile is that they will actually give you a monthly discount if you don't take a subsidy. So you can just pass on the weak subsidy, and save ~$10/mo with the no contract plan.