It could easily happen. Five or so years ago, Danger released a very nice multifunction smart-ish phone exclusively tied to T-Mobile. It came with always-on Internet connectivity, and even a mobile AIM client. At first, the technorati were excited, but that feeling quickly cooled when folks realized that you never really own the Hiptop; T-Mobile and Danger had it so locked down that they alone could decide what kind of software you could run; they even retained the ability to remotely delete programs from “your” device. Consequently, the Danger went from being a potential huge hit with the geek crowd to being relegated to the Paris Hiltons of the world. We’re sure money was made on the Danger, but at the end of the day a huge amount of goodwill and potential was squandered because of carrier/manufacturer lockdown.
The lesson here is about control. Apple would do well to listen. Open the iPhone API and let a thousand developers bloom. That, plus cut-and-paste and real 3G connectivity, might convince Heathen Central to give it another look.