If Gizmodo wasn't sure whether Apple was the legal owner, then what they should have done is go straight to the police and hand over the phone to the police and let them sort it out.
Let's start with the "finder": He was required by law to return the phone to the rightful owner or hand it over to the police, and not doing either made him a thief. Then Gizmodo bought the phone, knowing it to be stolen property. Now any jury will say that by paying $5,000 Gizmodo made it evident beyond reasonable doubt that they _knew_ it was an iPhone prototype and therefore owned by Apple. But it doesn't even matter, they knew it was stolen. And the only thing you are legally allowed to do when you buy stolen goods is to hand them straight to the owner or to the police.
There was no need and no permission for Gizmodo to open the phone to find out who the owner was, as someone claimed. Gizmodo had no need to know the owner, all they needed to do was call the cops. There was no need for Gizmodo to ask Apple for some proof of ownership either, all they needed to do was call the cops.
And please, since when is theft not punished because the stolen goods are returned, "voluntarily" when the rightful owner knows the identity of the thief? And especially when the stolen goods come back damaged.
We all have our opinions. Reasonable doubt is a very personal interpretation, and will ultimately depend on a judge's opinion, and then a jury's if it gets that far. I guarantee the jury will not be composed of people who read Apple blogs, and that is a much less Apple sympathetic crowd. Lots of casual observers think Apple is making way too much of this.
I don't believe the law says you have to hand found things over to the police. It says you must make a "reasonable" effort to find the owner. It will be a matter of of a jury's opinion if the finder made a reasonable effort. Chen? Publishing where thousands of Apple fans will read it will not guarantee Apple will be contacted? He could have quietly returned it to Apple and published nothing, yes, and that might be considered unethical to do it the way he did. You can't say he tried to hide the fact he had it, and he did ask Apple to confirm it was their phone. Publishing in the Lost and Found in a newspaper is certainly considered a reasonable effort.
There is plenty of reasonable doubt in my mind that the intention for either was to keep the left behind iPhone for themselves. Several people have drawn the car analogy, of driving and bring it back - that is often considered "joyriding" rather than "Grand theft auto." Clearly the intent can make a difference, or there would be no such thing as joyriding. There are specific laws that deal with autos, not so with phones. The finder did profit from the owner's misfortune, and it does look like he had a chance to contact him and did not - that is certainly what is alledged. He may see punishment. I doubt either he or Chen will be treated like someone who tried to sell it on eBay or a pawn shop by a jury. It is certainly doubtful to me that Chen intentionally broke it, but he did show the world he took it apart. He may well be held responsible for the damage to the prototype. I don't think Chen or the finder acted ethically, by any means.
Proving damage was done to Apple is next to impossible. Everyone realize Apple stock is higher now than the day Apple asked for it's phone back, April 19? And that some analysts have raised the projected value to $320 per share? The new iPhone will be a huge success as always.
I don't try to justify anything either of these guys did. I wouldn't have asked for money for it, and I wouldn't have paid for it. I just express doubt that jury will easily convict them of theft. I do doubt that any real damage was done to Apple at all, other than the protoype damage, which isn't all that valuable if millions of them will be sold in a couple of months. The damage is to their pride in their secrecy and surprises as a marketing strategy. Industrial espionage? It hasn't been mentioned much so far, but I'm sure it will be if the theft doesn't take. If you read about industrial espionage cases, this doesn't quite fit it, especially if the engineer truly dropped his phone. What Apple really wants is to make anyone think very hard about what's happening to Chen before outing their unreleased products, and decide it just isn't worth it.