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Where, or where are the iPhones?

Apple is running short on iPhones. Why?

Apple has suddenly hit a shortage of iPhones,Paul Kedrosky notes. But why? And when will the shortage end? Most interestingly, does it portend the imminent arrival of the 3G iPhone?

Paul suggests the following reasons:

  1. Apple has a component issue and is doing a quiet recall
  2. Apple has a supply issue with a major sole-source supplier
  3. Apple is set to do a surprise launch of a 3G phone

Even Option 3 isn't great for Apple, as it means it is losing out on hundreds of thousands of sales. Any ideas?