You also have the possibilites of technology being skipped by a generation. 3G is very soon to be replaced by WiMax/LTE 3GPPP which has been approved and accepted by over the worlds top 80 industries and to be implamented by 2010. With this in mind and the lack of nation wide 3G...it "could" be that the 3G generation is skipped for the better and more effective 3GPP LTE.
Another thing that "early predictors" are failing to recognize is that, IF a product is making millions, and is popular, and is within the realm of accepted technology, and is still pulling in new users daily....then "WHY" on gods green earth would you change what is working??? Why would you want to spend excess dollars to re-invent the wheel when its the best one at the time. Wouldn't you research, develope, invent and refine the product for that rainy day when all of a sudden it is not the most popular and you can make a big statement and say ....ahhh but now we have this!!!
With all of this in mind...I agree with those that say "maybe" we will see generation 2 at the end of this year or early next year. Anything earlier is just out of the question with the way that the product is selling and moving right now. We also have the release of the SDK next month and that basically revives the current iPhone for at least another six months. This is all common marketing sense so why would you cut your own throat when you have a product already in inventory and is selling like crazy, by creating a new one before the other one is lost in the shuffle of new technology.
Just food for thought for all of you that are expecting grand things to happen in the next six months.