They might be planning on announcing the V2, but I don't think it can release by then. Think about it. iPhone, as we know it, was "announced" in January. June 29, we will get to see it in all its glory. Jan 2008, they might announce a V2 version of the iPhone. That means, it will will release later in the year, probably mid-year. Either way, it is just like any other smartphone, like the Treo. 600 comes out. crappy screen, and such. 650 comes out not too much later, screen is nice, but worked like crap, and not enough memory. 700 comes out, plenty of memory and EVDO, but crappily implemented, and so many problems. now 680/755 are out, and they have all the features that the previous models should have had. Difference is, Apple will not put out a crappy product, and they will remedy any problems, unlike Palm.