Is Apple already working on cheaper variants of iPhone? Well, of course they are, silly. Just like Apple did after introducing the regular iPod, when they brought out the more affordable iPod shuffle and iPod nano, they'll announce a cheaper iPhone with fewer features.

American Technology Research analyst Shaw Wu said today, "Apple needs to round out its iPhone product line at lower price points (similar to iPod) if it expects to replicate the success of its iPod with sales of 100 million units.”

Goodie. I'm waiting. I mean, I WAS waiting for the second generation anyway, when all the bugs are worked out. Really.

But stayed tuned to POPGADGET as we're giving away a brand new iPhone in the coming weeks!

(Fabricated photo mock-up courtesy of those funsters at Engadget.)

Via TechWhack and Engadget.