Apple iphone:A new Buzz By Apple

The iPhone. The newest member of Apple's arsenal could be in for an interesting quarter. Apple ran into supply constraints toward the end of the second quarter, after misjudging the pace of demand for the iPhone around the world.Still, European demand--at least through official carriers--does not appear as strong as it is in the United States, as shown by the price cuts enacted on iPhones in the United Kingdom and Germany. And Apple might have a slight problem on its hands as the drumbeat increases around a 3G iPhone.A CNET News.com reader wrote in Tuesday night, wondering if he could turn in his recently purchased iPhone after learning that a new model is probably on the way. You can, assuming that you bought it within 14 days, but if more and more people decide that they don't want to buy an iPhone until the 3G model comes out, Apple could have a short-term demand problem during its third quarter that could bounce back, once the 3G model arrives.However, anyone who does buy an iPhone between now and late June will be able to get the added features of the iPhone 2.0 software as a free upgrade. Analysts peppered Oppenheimer with questions about the need to defer iPhone revenue until the software is ready, but forget about that: it has no impact on the potential iPhone customer.All kidding aside, no company really is recession-proof, except for perhaps bankruptcy law firms. If the U.S. economy takes a severe tumble in the second calendar quarter of the year (its third fiscal quarter), Apple could feel a pinch. Given the strength and appeal of its products at the moment, I wouldn't anticipate something too severe, but Wall Street has high expectations of the company.And in the second half of the year, Apple should have a 3G iPhone, a second-generation iPod Touch, and a new notebook design. And that's, of course, assuming that the company doesn't have a wild card up its sleeve with a mobile Internet device, a Mac tablet, or a gaming console, all of which have been rumored this year.Either way, Apple is in perhaps the best shape in its history heading into the rest of the year.