It goes without saying that rumors of an 'iPhone Nano' are not new, and you've probably heard them, but some time passed since there the device has been mention again. Bloomberg has heard from 'people who have been briefed on the plans' that Apple is now working on a new model of the iPhone that is 1/3 the size of the iPhone we know and could launch some time in summer 2011 (at a price for only $200 contract-free). Needless to say that the source saw the device last year and claims that the phone may has been delayed. At the end of the day, Bloomberg reported that Apple is working on an integrated 'Universal SIM' technology that would give the ability to iPhone owners to select which carrier they want to use, at the same time jumping between networks without having to worry about SIM cards or any other issue they experience now.