Apple to bring out iPhone in 2007. Will it feature OS X?

I've seen a awful lot of speculation on the new iPhone including speculation on whether it will include a cut down version of OS X.

But I have to ask you, how feasible would this be?

The way I see it, these features seem more realistic:

• Bluetooth 2.0 EDR support completely unlocked with support for all profiles.
• iTunes Phone functionality with 2 GB storage supporting up to 2 GB of music.
• iSync support for email and contact sync on OS X and Outlook sync via iTunes on Windows.

Some features that might be possible are:

• 4 MP Camera.
  
• Photo Sync with iPhoto on OS X and My Pictures/Picassa on Windows via iTunes.
• iChat Compatible instant messaging with limited video chat support via 3Gp format.

I'm not really counting on the 4MP camera support or the video support. I personally do not want or need a camera in my cellphone but to each their own.

What I think might be a killer feature that could turn the industry on its head is if Apple does indeed do an end run on the carriers and release an unlocked phone that you actually pay for directly. You might feel some pain paying up front but you would end up paying less for the phone because you would not be locked in a multi-year contract and you would have the freedom to shop around for a carrier in your area.