Here's the exact wording:
"As a courtesy to our customers during the holiday season, all AT&T equipment including iPhone, iPad, and accessories purchased as a gift at an AT&T retail store beginning November 23, 2012 can be returned through January 5, 2013. The standard 14-day return period applies to devices and tablets purchased on or after December 22, 2012."
Restocking fees still apply and must be charged, where applicable, and when appropriate.
The 14-day buyer's remorse period begins on the activation date for future-dated activations.
Gift cards, iTunes gift cards, GoPhone replenishments (e.g., feature cards, refill cards, PINs, and direct deposits), and ringtone cards are not refundable.
Apple devices: No restocking fee if device returned unopened.
We did have some questions about these policies, like if there is not restocking fee if the box isn't open. In general its a good idea, if you don't like the product and know you don't like, don't open the box, keep it sealed. If not keep all the accessories, cables, chargers, earphones, twist ties and books in the box, which will make returning easier.
If you have any questions ask your AT&T rep before you buy. Also be sure to look at the contract and what it implies.
If you would like to know what are the best AT&T smartphones for 2012, check back later for our exclusive list.