Apple's working on a phone, this we know. We also know that it will be called the iPhone, right? Pete Mortensen doesn't think so, mostly because another company has the term trademarked (though it is in reference to a VoIP service, so Apple probably could use the term iPhone).
I think that Apple, should they ever come out with a phone, will call it the iPod. iPod has nothing to do with music, so why should they try and build another brand when they already have a winner?
Go tell Pete what you think Apple should name this often rumored device, and feel free to chime in here.