Now, who did not see this one coming?

By Charles Jade | From Ars Technica

At the beginning of last month, rumor of a massive iPhone update circulated among the Apple-watching community. The update was said to include advanced applications and features, such as an iChat-like IM and the ability to cut and paste text. Sadly, July went by without custom ringtones, a Flash plug-in, and maybe a back button. But now it’s (almost) August, and this time instead of anonymous nerds on the Internet engaging in wish fulfillment, a six-figure analyst is predicting an update based upon a conversation with an Apple insider.

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