Prepare for the iPhone Backlash

This column was originally published on RealMoney on June 14 at 12:03 p.m. EDT. It's being republished as a bonus for TheStreet.com readers. For more information about subscribing to RealMoney, please click here.

The launch of Apple's (AAPL Quote) iPhone is just two weeks away -- and any day now, we'll get some real information about the model's pivotal features and associated service contract.

It is almost unprecedented that we know so little about a high-profile mobile phone this close to its launch. We do, of course, know that the 4GB model is priced at $499 and the 8GB model at $599. However, the true price of a mobile phone is a combination of the device's price, the applications it offers and the price of the service contract.

For instance, an unlocked expensive phone that features GPS support and VoIP applications can save notable sums over a period of two years. That's because its users can switch freely to low-cost mobile service providers, substitute it for a dedicated GPS device and use WiFi for long-distance calls. On the other hand, a model that lacks such money-saving features can carry a steep long-term cost for its owner. ...