Yeah, it seems like they rotate between their products. They did the video, then a new nano and finally a new shuffle (I am not sure about the order but...). The light version bit is possible, but I don't even think they will do that. I think they will wait at least a year to release another version, seeing how it plays out and what they can do to improve. THEN they start making it, so my guess would be a year and a half from now. Plenty of time to use version 1 .I agree. I think Apple's iPhone resources will be focused on international versions for awhile. If a new iPhone is released before the middle of 2008, I think it is likely to be a lite version (less features and less expensive).
I also think there will be a new generation of video iPods released before the next version of iPhone. As you know, Apple likes to bring one product into the spotlight at a time so they don't have products stealing the thunder from one another.