Over the past few weeks, we have been getting reports of iPhone shortages and this has now spread to the Apple Store online. The Apple Store is currently showing both the 8GB and 16GB iPhone's as "currently unavailable". This has led to speculation regarding the release of the 3G iPhone and a possible new product release at WWDC.

Some are speculating that a 3G iPhone release might be imminent, long before next month's WWDC. SwitchToAMac reported last month that Apple would release the 3G iPhone in May and use WWDC as a platform to announce an entirely new portable device. The new Ultra Portable device could be a revised Newton or tablet style computer.

Source: Macrumors