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New iPhone to Have Faster Internet, GPS; May Also Cure Cancer

Oct. 27 2008, Published 7:07 a.m. ET

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HYPE IS JOBS ONE Steve Jobs (Photo: Getty Images) We're only three hours away from Steve Jobs unveiling the second generation iPhone at the World Wide Developers conference in San Francisco, which will likely be the most widely anticipated technological product launch of all time. At least until the third-generation iPhone is unveiled, making everyone who bought the second-generation version feel dumb about how they wasted all their stupid money for nothing.

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Chatter among Apple geeks over the new features and upgrades the phone may or may not include has already reached a fever pitch. What we do know: It's a 3G phone, meaning a shift in Internet speed akin to going "from dial-up to broadband." USA Today also confirms a rumor that first emerged in April that Apple is dropping the price of the unit from $399 to $199. (The $199 price is being subsidized, presumably by AT&T as an incentive for non-subscribers to sign up for the service.)

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