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I think the most likely option at this point is unlocked GSM, much like the Samsung D900, because it exempts them from dealing with the cell phone carriers completely
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I like this idea the best. Unlike other phones, the iPhone should be designed to last several generations. It's not something you'd throw away and trade-in for the next best thing. It's a premium product you're willing to pay full price for. As an unlocked phone, you get to choose Cingular or T-Mobile, and it also doesn't leave non-US customers out to dry.