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M68AP
This is the original iPhone. It was released on June 29, 2007 with a price tag of $499 for the 4GB and $599 for the 8GB. A $200 price drop followed the release of the phone. Later, the 4GB model was discontinued, with the 8GB model filling it's place and a new 16GB model filling the high end.
Internals
See: M68ap (Internals)[1]
Baseband
The iPhone uses the S-Gold 2 baseband chip
Application Processor
It makes use of the S5L8900 application processor. At the time, the iPhone, iPhone 3G, and iPod Touch all use this same processor.
Bluetooth
Uses the CSR BlueCore4 Chip (BC41B41)