I think that @darthvader put it best: “Speaking from experience, you don’t want to just lose top secret gadgets. Or Death Star plans.”
Well, the Rumor Alliance has just gotten their hands on The Big One. Apparently a 4th-generation iPhone prototype was found lost at a bar in Redwood City, CA (just a few miles south of my hometown!!!), and made its way over to Gizmodo which has now done a thorough review + video of it. Probably not coincidentally, Apple reportedly lost an iPhone prototype and wants it back. This new unit was also allegedly running iPhone OS 4.0 before the April 8th announcement, but Apple has since run a remote wipe command on the unit.
But if this unit is the actual upcoming iPhone (and there’s very little reason to doubt that it is), then the next generation will include the long-awaited front-facing video camera, a larger back-facing camera, an improved display, split volume buttons (rumored to maybe double as a physical camera flash button), and what appears to be a second microphone for noise cancellation purposes. The new phone is also much slimmer and sleeker and no longer has the rounded/tapered back.
So if you’re thinking of getting an iPhone, perhaps you should hold off until this summer, since the next generation looks like it’s going to be pretty sweet. And as for Apple, this is probably what they’re thinking right now.