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Verizon (NYSE:VZ), will indeed get the iPhone in 2010, according to a source close enough to the table.

The iPhone, scheduled for launch in the third quarter of 2010, is said to be a smaller version of the current iPhone and should be a hybrid global phone by Qualcomm (NASDAQ:QCOM).

Several points real and inferred here:

1) Verizon, not T-Mobile, gets the iPhone in 2010
2) It is a smaller version of the current iPhone. We couldn’t get insight into what was meant by “smaller”, but food for thought.
3) It is a global hybrid phone, meaning, I assume, a dual mode CDMA and GSM world iPhone.
4) By Qualcomm
5) Scheduled for launch in 3Q10

The big winner here is Apple (NASDAQ:AAPL), as it could, as suggested by Piper Jaffrey analyst Gene Munster, add an additional 89 million customers. However, a smaller iPhone, whatever that may mean, may limit its appeal to Verizon’s customers. In addition, the cost of a hybrid phone may be prohibitive to customers unless it is massively subsidized by Apple or Verizon, to the chagrin of their respective investors.

All upside for Qualcomm.

Verizon wins to the extent that the above two points are non issues.

AT&T (NYSE:T) loses, but can probably get better economics due to the loss of exclusivity.

There you have it.

Disclosure: No positions in Verizon, AT&T, T-Mobile, Qualcomm, Apple