According to FoxNews, your iPhone is obsolete and it hasn't even shipped yet.

Analyst: More Than One Apple iPhone Being Developed

Apple Computer (AAPL) is now working on developing a second iPhone that will likely have instant messaging capabilities and will work with its iTunes software, according to one Wall Street analyst.

Shaw Wu, an analyst with American Technology Research, wrote in a Nov. 20 research paper that this iPhone will leverage the iChat feature on the company's Macintosh computers to offer users IM capabilities.

"Time to market is not certain to us as it appears to be in the development phase," Wu wrote in his Nov. 20 research paper. "We believe this product is [Apple's] 'smart phone' and could be branded as 'iChat mobile.'"

There has been much speculation as to when the Cupertino, Calif., company will offer its own cell phone line that will work with its popular iTunes music software.

In September, Gene Munster, a senior analyst with Piper Jaffray, wrote that Apple would debut an iPhone within "four to six months."

In his report, ATR's Wu also wrote that Apple will unveil the first of the two iPhones sometime in early 2007.

iPone 1.0 has been declared obsolete and it's still vapor. Welcome to the future.