6. Jobs wrecked Cisco talks

Jobs surprised everyone by referring to the new product as the iPhone. Cisco executives were especially surprised since the company owns the trademark. Cisco and Apple had been in talks over an arrangement to share or sell the name. Jobs' use of the brand "iPhone" sparked a lawsuit, which Cisco filed the day after the keynote.

Now Apple must wage an ugly public custody battle rather than conduct quiet, behind-the-scenes negotiations over use of the iPhone brand. Worse, Jobs' public commitment to use "iPhone" gives Cisco enormous leverage over Apple in the court case or any future negotiations.

Because of this early announcement, the price -- both in terms of PR and in dollars -- that Apple will pay to use the iPhone brand has gone up unnecessarily.

Why the rush to announce iPhone?