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ThinkEquity analyst Jonathan Hoopes suggests that Apple might opt with its upcoming iPhone to become a "mobile virtual network operator," which could be a better deal.

MVNOs, as they’re called, don’t own their own spectrum but enter into deals with carriers to use spectrum for their own brand-named services. Virgin Mobile, for one, is an MVNO.

And it might make sense for Apple to forge ahead on its own, Hoopes says. "If Apple just makes a phone and sells it, the carrier gets the recurring revenue of songs and data," he says. "If they make the phone and deliver [it] in a MVNO, then they can potentially tap into a recurring revenue stream." revenue stream."

This analyst may be right with this idea. What can make a MVNO a success is the strenght of the Brand. Apple and iPod are strong brands. We are not even sure that Apple will come out with an iPhone and the brand is already strong! The deal with Cingular may be of that nature.  Again…To be followed!