I've heard Apple will make a 50 percent profit on the iPhone, is this true?

Probably. An industry analysis firm named iSuppli recently performed a teardown analysis on BoM (bill of materials) costs involved with the iPhone, added estimates on royalties and other costs Apple will incur, and have estimated that that iPhone will cost Apple roughly $280 to make. At that price, there's plenty of room for Apple to make $200-$300 profit on each unit they sell.

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Does the iPhone support A2DP (Stereo Bluetooth Audio)

UPDATE: Yes, as of the release of iPhone OS 3.0, the iPhone now supports A2DP.

Many of today's newer wireless devices (i.e. the Samsung Blackjack) support A2DP audio output. A2DP audio devices, such as stereo bluetooth headsets, offer high quality listening ability without those nagging wires. As the iPhone is birthed from the iPod, and is undoubtedly the most music oriented phone ever to be developed, surely the iPhone supports A2DP, right?

Will the iPhone work in Europe, Asia, etc?

Yes, the iPhone will work overseas, and not just in Europe and Asia. The iPhone is a GSM (Global System for Mobile communication) phone. GSM, which uses narrowband TDMA, was first introduced as a standard in 1991 and is now in place in over 100 countries.

Access to receive and place calls from outside the United States will require additional services from AT&T/Cingular, which you will need to arrange with them before your phone will operate in such a fashion, but the phone is perfectly capable for worldwide use.

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