It's pretty well understood by this point that Apple will announce a new version of the iPhone in September. It will be called the iPhone 5, although this program will persist in referring to it as El Cinco because we feel it creates an air of swashbuckling mystery. Deutsche Bank's Chris Whitmore stirred up a bunch of excitement yesterday by predicting that Apple will also launch a $349 souped up version of the iPhone 4 that would be unlocked, perfect for people on prepaid cell plans who don't wish to be locked into a 2-year contract.

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