Telecom CEOs can be ... tiresome. Yes, they are evil, but it's a dull, brutish, boring sort of evil. Sometimes they forget their place, and ask Jobs to do something he doesn't care to do.
That's when he pulls out his toy. It looks like an iPod Touch, only a bit fatter. Jobs strokes it. The Telecom CEO's shut up.
This iPod Touch, they know, is special. It has a prototype TMobile 3G CDMA chip, a $15/month 10GB data plan, and FaceTime. There's no voice capability, it's a pure data phone. The voice stream is VOIP.
TMobile has nothing to lose. They'll play this game.
This is a disruptive device. It's a computer with a net connection. It works with an external keyboard. One day it might drive an external monitor.
It's coming one day. If not from Apple, then from someone else. (Not from HP though. They're as dead as Dell). When it comes, the Telecom market blows up.
Whether it comes in 4 years or in 1 year is entirely up to those Telecom CEOs. They just have to keep Jobs happy ...