Rumors are already flying that Apple is planning on releasing a second generation iPhone at a lower cost - similar to how they released the iPod, then the iPod mini....

Rumors are already flying that Apple is planning on releasing a second generation iPhone at a lower cost – similar to how they released the iPod, then the iPod mini.  It makes sense, but as usual, Apple’s lips are sealed tight.

Engadget: Apple prepping a cheaper iPhone? Probably.

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