I would love for Apple to announce an updated iPhone 3G and an iPhone nano both available in June just as they did the original. All of those who purchased the original iPhone will be done with their contracts by then and an updated iPhone or new nano will keep them in the ATT fold (for good or bad).
I had the original iPhone and it has crapped out so I am in the market for a new phone but not another full size iPhone because the data rates are just too much in this economy. I believe this is the one factor remaining that is limiting the sale of the iPhone. Millions of phones could be sold to new customers if there were no data requirement.
I am hoping for a nanophone that does not require a data plan. For instance any app that normally connects via WiFi, edge or 3g could be data connection disabled in the settings only allowing WiFi access. For those who purchase data it can be turned on.
A new iPhone nano could have all the same features as the current iPhone with bluetooth axed to save space and with 4 and 8 gig models.
To make the nano make sense, the full sized version the iPhone 3G could be upped to 16 and 32 GB with other features as well like a second camera on the front and iChatAV (mobile video conferencing).
Some seem concerned that iPhone Apps would not work on a new form factor and I don't know the tech behind that but it seems to me that Apple has dealt with that situation before when moving to intel and they were very adept at helping programmers convert their apps. It would not surprise me in the least if Apple were to release a tool to developers that could convert their apps to a new screen size in under a minute or something crazy like that (maybe it will even res up for a tablet form factor)