Mobile phasing out data limits _ but will you save money?

Under the new data plans, instead of customers paying overage charges of $15 per 1 GB of data upon exceeding their monthly allotment, data speed will instead be slowed down to 128 Kbps for the remainder of the customer's billing cycle.

The new unified plan, which is called T-Mobile One, will cost $70 for a single line and $40 per line for a family of four. Those prices apply to customers who use autopay - accounts without autopay will cost an additional $5 per line.

T-Mobile One plans do allow you to tether your phone to a laptop, tablet, or other device and share your internet connection... but that data connection will be capped at 2G speeds.

However, if you want HD streaming video with those plans, be prepared to spend a lot more.

Still, with T-Mobile and Sprint's moves, three of the four major USA wireless carriers are again officially offering all-you-can-eat plans. AT&T will still send text messages to alert users when they are at 75%, 90%, 100% of their monthly data bucket (or at 90% and 100% for businesses).

These new plans include all the features the previous Mobile Share Value plans: unlimited domestic talk and text, Rollover Data, sharable data, multiple global perks and mobile hotspot capability.

The Sprint CEO claims this plan has been in place for quite some time, and that T-Mobile copied their unlimited plan with an emergency announcement, even though they are not ready to launch the offer until September 6. They also get unlimited nationwide 4G LTE data for nearly everything else. Sprint said customers now have access to unlimited data for $60 per month for one phone, also with DVD-quality video, compared to a previous rate of $75 per month.

"I declare that the era of a data plan is over", Legere said in a video announcing the news. If you care at all about high-quality video or mobile hotspot, you're probably better off with sticking to your current plan. Up to four additional lines can be added for $30 per month each.

The big catches for T-Mobile's new plan come down to two things: tethering and video streaming. They're following in well-trodden footsteps: T-Mobile, Sprint and most recently Verizon have eliminated what's known as overages for consumers in new plans.

The top 3% of data users will be throttled once they cross a threshold of 26GB, but only if the network demands throttling.

CEO John Legere announced the new plan this morning in a video blog, saying that he wanted to get rid of the confusion and huge number of choices that the other carriers now offer. The plans cost $50/$65/$80 per month for 2GB/6GB/10GB.

Both companies announced new options on Thursday, but the plans carry several caveats.

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