I'm kind of thinking the 1st one. If they redesign then the long delay for the white iphone 4 would have been in vain. Unless apple are happy to walk away from it (white iphone).
If they keep the current iPhone 4 around for another year and make it the $99 phone... then all that time wasn't wasted.
Apple got 2 years worth of production out of the 3GS... and 3 years out of that particular plastic case (starting with the 3G)
Or... maybe Apple really did get freaked out by antennagate... and they wanna discard everything about that design.
I guess we'll find out in September(?)
Whatever happens... I'm on Verizon and I want to know something. I'd buy a Verizon iPhone 4 tomorrow but I wanna see how different the next iPhone is gonna be.