Even though the Iphone has not even been out 6 months without people wondering what next clever invention Apple will cook up, one of these inventions will include another Iphone except with a new twist this will include the Features of an Ipod Nano. Also JP Morgan, a financial servies firm have released a report that states this will be a cheaper form of the Iphone which is based on the ultra slim ipod Nano also the Firms analyst Kevin Chang has said that people will be confused as to where they have placed their new phone, he based this on the US Patent And Trademark Office and unnamed sources in the supply channel.Reuters reports that according to the patent application, the device is a multifunctional handheld device that uses a circular touch pad control, similar to the Nano’s scroll wheel. Mr Chang also was qouted as saying “We believe that iPod Nano will be converted into a phone because it’s probably the only way for Apple to launch a lower end phone without severely cannibalizing iPod Nano,”, this sounds like a very good idea which will make sure the nano doesnt fade away.Despite the iPhone’s touch screen being a major draw to the device, JP Morgan theorizes that a relatively low-priced nano-phone could draw sales of 30 to 40 million units in 2008.The report joins the gathering storm of second-gen iPhone speculation and persiflage that’s sure to keep Apple fans talking until the very moment Steve Jobs pulls the second coming of the Jesus Phone out of his pocket at a press event