I still say it will be an all-wifi phone.
I can’t see Apple coping with carriers and competitors like Nokia, and Motorola, but CAN see Apple chasing the 100,000,000 user plus PTP phone market with a wifi phone. I’ve got a dozen other reasons, but it adds up to 1,200 words that can’t fit here. But check out the rationale on my blog, CogentPassion:
http://cogentpassion.blogspot.com/2007/01/its-gonna-be-wi-fiphone-apple-wi-fi.html
It's gonna be a WI-FI phone, not only because Apple won't want to deal with the carriers and face competition like Moto or Nokia, but also because it's a huge market screaming for a friendly, Apple-quality approach and product.
I've got 2 more long-winded posts on this at my blog, CogentPassion.blogspot.com
Will the Apple Phone Save you Cash?
The Time is Right For an Apple Phone (if it's any good)