Someone can correct me if I'm wrong, but I believe that the exclusive contract with AT&T is for the current iPhone which is version 1.0. The new iPhone will be version 2.0 and will include newer functionality (GPS).
You're wrong. That's not how things work in the grownup world. It's chess, not checkers. 1.0 vs. 2.0 is irrelevant. The contract terms are whatever the legal teams agreed to originally, and everything was on the table. There are no loopholes you can drive trucks through.