Carriers Should Hail the iPhone Shakeup

Apple's cool new product could redefine a sluggish telecom market that has resisted changethough the gadget faces its own challenges

Apple (AAPL) has never been a company to shy away from risk, and the iPhone, which finally became available in the U.S. on June 29 (but won't hit Europe until this fall), could be its next important milestone. If the integrated phone-and-media device is a hit, Apple will revolutionize the mobile industry and cement its reputation for creating gadgets with chic designs that are so compelling, consumers will gladly pay a premium.

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