This time Apple is not on pole position. Look at all the phones already on the market including cameras, FM Radios, Gigabyte-memorystick slots inside.. I would be really surprised if apple pulled out a real neat trick in this situation.

as soon as apple tries to challenge the mobile market they are not leading the pack like in the mp3 player market.

However I could imagine Apple collaborating with e.g. Motorola who already introduced the rokr itunes phone (which apparently is crap).