'Cheaper, Smaller' iPhone to Be Unveiled Today

Apple chief Steve Jobs will unveil the second generation iPhone today, ending the frantic guessing game about the company's new key product. The future of Apple and its ability to regenerate sales of its computers may depend on how the public responds to the new iPhone, reports the Los Angeles Times. The new version is expected to be cheaper and smaller than the old one, the Guardian reports.

"If Apple can build iPhone volumes up, let's say 20, 30, 40 million, then you will have an iPhone halo effect," said an analyst. "The iPhone becomes the crucial driver to Apple's continued gains in PC market share—and that's the real end game." (More iPhone stories.)