Courtesy: colindunn via flickr

Apple is ready to unleash a successor to the current iphone4 in around September and probably name it iphone5 or 4gs and the rumors that are floating around suggest it might adopt the same processor the ipad2 has with an 8 megapixel camera. But i am not going to focus on the next generation iphone instead i’ll be talking about the cheaper version of iphone that Apple is going to use to conquer 3rd world countries. Rumour has that this new stripped down version of iphone will be around 2/3rd size of the current iphone and will wear the current generation hardware as the price of those components has gone down fit for a fresh iphone mini.