I highly doubt that the iPhone is coming out before 2.0 is released. It will not be released without an event. This isn't the normal spec-bump upgrade.
My forecast is still an announcement at WWDC with a release date later in the year. You must keep in mind that way too often rumor is taken as fact. Anyone could have sent a letter in to one of the usual suspect sites claiming to be an AT&T worker and that there have been company-wide vacation blackouts. Not saying that's what happened, per se, but as soon as modmyifone or MacRumors puts something on their front page, it spreads like wild fire and the line between fact and fiction becomes blurry. Its fun to speculate, but remember, its still speculation.
Apple has always counted on guarded secrecy coupled with rumor-filled anticipation that builds up to a climactic event that unveils one of their flagship products to the world. They have many many years of data that states this is their most effective marketing plan. Instead of building up to an event with official press releases, they let the rumor-mills due the work for them, for free, whipping us into a fervor that they couldn't possibly have done by themselves.
Here's the facts as I, the glass-half-empty-guy, sees them:
1. No word from the FCC. Surely Apple will need FCC approval before they unleash millions of new radios on the country. They maybe able to keep things somewhat secret, but not until the product is released. Like with the first gen, there will be a gap.
2. Depleted inventories do not equal new iPhone. All it means is demand outstripped present supply. Surely they have cut back in production, but they will sell 1st gen iPhones until the new ones come out. On the same day if it's a 6pm release again.
3. Jobs can not resist the "big event." He's done it since the beginning of Apple, through NeXT, and all the way through the present day. There will not be a new iPhone before the "big show."
4. The current firmware on the iPhone does not support many of the purported enhancements of the next iPhone. I don't see Apple coming out with 1.1.5 a little more than a month before 2.0. They could, 1.1.3>1.1.4 was quick, but I doubt it.
5. Oh, and PointNarf is a great name! Man I miss that show!