I don't buy that the cycle will be less than a year, but then again I also was pretty sure that the cycle wouldn't break from a summer release schedule. The iPhone 4 is a fantastic phone and at first glance I can't say for sure what it's really missing. Better camera, fix the antenna issue that nobody seems to care about and make it faster. It isn't like the days of the 3G and the 3GS when there was glaring omissions (compass, strong camera, HD video etc.)
The way adobe is bending I think having flash on the iPhone is becoming less and less of a need. I've been flashless on my mobile devices for 3 years and I've cursed its absence probably 4 or 5 times. Any site worth anything has adapted to work on the platform already.
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