APPLE Afraid Of Palm?

Monday's keynote speech and demonstrations introduced the new iPhone 3GS that is supposed to be faster in terms of download and connection speeds and more robust when it comes to juggling applications.

While the new 3GS will begin selling for US$199 for a 16 GB version and $299 for 32 GBs starting June 19 (with a two-year service agreement), Apple's loudest shot across the bow at the rising tide of smartphone competitors like Palm (Nasdaq: PALM) and Research In Motion (Nasdaq: RIMM) may be its new $99 price tag for the current iPhone 3G . That goes into effect immediately.

Is APPLE afraid of competition? I would have to say YES!