It's sounds like one of cruel abusive jokes played on the new young industrial designers at Apple. Like sending the Apprentice to get a left handled screwdriver or checkered paint. Designing an iPhone with a physical keyboard.
The joke is on Apple one year one of them will make something workable.
The slide-out keyboard seems unlikely to make it to market. They are killing blackberry (king of the keyboards), so why change now. The miniature/nano sized iphone has much more potential IMHO.