I think the point that a lot of people are missing, is the fact that the prototype was 'stolen' property. Here:
I go to a restaurant, and drop my car keys. If you find my keys, is it okay for you to take my car with you home? And then sell it to someone else? The answer to both questions is NO.
The moment that iPhone left the bar, it became theft. And Gizmodo knowingly, or should have known, that the device they so wanted to be a real iPhone prototype, was acquired by suspect means. Gizmodo participated in a crime. And the whole journalist thing, ********. If I was a journalist, and murdered my wife, does that mean the police can't search my home?