Wedbush Morgan analyst Craig Berger predicts that Apple is actually preparing the iPhone Nano for a Q2 2009 release. With recession leaving its impact on the Tech industry, a cheaper iPhone would be preferred alongside a cheaper Macbook and might well be an instant Hit (something Apple is now used to).
Monitoring the Apple supply chain the analyst expects a lot of new Apple goodies in Q1 and Q2. Worth noting is the prediction where he states that Apple can end up selling almost 10 million phones in Q4 all with major changes in its inventory chain