First reported by Bloomberg and later corroborated by The Wall Street Journal and others, the device, which they've tentatively dubbed the iPhone nano, is roughly half the size of the iPhone 4 and is expected to be sold alongside standard iPhones for half the price.
Rumors of a stripped down iPhone have been circulating for years, with some of the earliest reports stretching all the way back to 2008, however, little ever resulted from the reports. According to Cult of Mac, the iPhone nano has been in development since that time, but Apple has had trouble balancing features and low production costs in order to make the device affordable.
Additionally, Apple allegedly intends to make MobileMe, their server-based services and storage suite, free for all, which had otherwise been a premium subscription product.
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