Numerous sites are reporting that within the first 5 minutes of the event beginning Ed Zander from Motorola read a statement from Apple stating that the iTunes phones will not be unveiled today but at a separate music event within the next 66 days. "we're not going to launch the iTunes phone today" he also followed that by saying "Steve is not going to jump out of a cake", well that's me official disappointed :(
Speculation surrounds the idea that the phone could be released at V Festival which takes place August 20th-21st.