That’s the gist of an argument put forth this week by Bernstein analyst Craig Moffett, who believes that with the iPhone and App Store, Apple (AAPL) has upended the wireless market in much the same way it upended the music industry with the iPod and iTunes.

“It wasn’t that long ago that AT&T’s exclusive agreement with Apple’s iconic iPhone looked like a customer relations masterstroke for the carrier,” Moffett wrote in a note to clients. “AT&T Mobility, a brand that had once been cingular-ly stodgy and tired, was suddenly, well, relevant again. Apple’s iPhone meant that AT&T was the place for cool handsets. Better, it was the place for wireless data….Somewhere along the way, however, Apple has stolen the march, and in the process has recast AT&T from hero to villain.”

AT&T, says Moffett, was roundly jeered at every mention at Apple’s last Worldwide Developer Conference. And, as someone who attended that event, I can attest that this was indeed the case. Certainly the revelation that AT&T (T) wasn’t yet supporting iPhone features like MMS and tethering did not go over well with the WWDC audience, which was already abuzz with criticisms of the carrier’s slow data connections.

With the iPhone, Apple made AT&T Mobility relevant again. It brought the company millions of new subscribers. But in the process, Apple also realigned the strategic playing field in its favor. Radically. Writes Moffett: “Remarkably, Apple has so thoroughly stolen the customer relationship–who would argue that Apple iPhone customers’ first affinity is to the device rather than to the network–that the network is not only irrelevant, it is rather a source of derision.”

As NBC Universal Chief Executive Jeff Zucker said back in 2007, “Apple has destroyed the music business and if we don’t take control, they’ll do the same thing on the video side.”

Or, perhaps, to the wireless business.

As of this writing, Apple (AAPL) continues to accept preorders through its online store with a promise of Friday delivery, though oddly, InformationWeek claims the company and its exclusive carrier partner, AT&T (T), have both already sold out of preorder units.

Palm (PALM) picked a hell of a day to launch the Pre. Two days before Apple’s World Wide Developers Conference. Two days before the unveiling of the iPhone 3G S, a new version of Apple’s (AAPL) iconic handset that runs twice as fast as its predecessor, shoots video with an improved three megapixel camera and boasts longer battery life and greater storage.

And worst of all, two days prior to the announcement of a new $99 price point for the iPhone 3G, a disruptive move that puts the device in reach of far more consumers and allows Apple to position last year’s iPhone as a competitor to this year’s Pre (and BlackBerry Storm too). And unlike this year’s Pre, last year’s iPhone comes with iTunes, a robust developer ecosystem, access to 50,000+ apps and soon iPhone OS 3.0.

And that may bode ill for a hard-to-come-by upstart handset that’ll set you back $199 after a $100 rebate.

Certainly, a $99 iPhone 3G is a very compelling proposition. Said CL King & Associates analyst Lawrence Harris, “Apple’s strategy appears to be designed to take advantage of the current limited availability of the Palm Pre. It is clear that Apple intends to maintain its leadership position in the smartphone market, given its decision to cut prices.” 

Clear too that Palm’s decision to roll out the Pre this past Saturday was folly and has not only left the company’s most important product release in years washed away in a deluge of Apple coverage, but allowed a powerful rival with a lot of market buzz to undercut the price of its bet-the-company handset within just days of its launch.

Sadly for Palm, it may be that the Pre’s best days are already behind it.

Apple (AAPL) rolled out updates to QuickTime and iTunes on Monday, presumably as preface to iPhone 3.0. Both iTunes 8.2 and QuickTime 7.6.2 include support for the next iteration of the iPhone’s firmware, which is expected to debut at Apple’s Worldwide Developer Conference (WWDC), which kicks off next week in San Francisco, Calif. Also addressed in iTunes 8.2 are “many accessibility improvements and bug fixes.”

Just what Apple means by that is unclear, although one wonders if it might be a clever euphemism for the Palm (PALM) Pre’s recently disclosed Media Sync feature, which allows the device to synchronize seamlessly with iTunes, essentially by masquerading as an iPod. Certainly, it seems unlikely that Apple would allow this to persist.

As Daring Fireball’s John Gruber notes, “If you’re still holding out any sort of hope that Palm is using some sort of heretofore sanctioned, semi-sanctioned, or even maybe-sorta-kinda-sanctioned-if-you-squint-your-eyes means for a third-party smart phone to sync with iTunes via USB, note that the Pre, when connected to iTunes, is labelled as an “iPod.” If you think Apple would ever allow the use of “iPod” to describe anything other than an actual iPod, you’re nuts.”

Seems that in the end, Palm (PALM) decided it would be folly not to match the $199 price of Apple’s (AAPL) iPhone, though according to CEO Ed Colligan, the Pre is far superior to it. Asked at the Consumer Electronics Show if Palm would try to take market share by undercutting the iPhone on price, Colligan told MediaMemo’s Peter Kafka, “Why would we do that when we have a significantly better product?”

Perhaps, because you must? As J.P. Morgan analyst Paul Coster noted this morning, “The $199 price point was absolutely necessary, in our view, to go head to head with RIM and Apple.”

Interestingly, this means the Pre will indeed ship just days before Apple’s Worldwide Developers Conference, the event at which the company is expected to announce its next-generation iPhone. Which suggests that perhaps, as I theorized yesterday, Palm is hoping the Pre will benefit from the iPhone halo. “By debuting so close to the presumed announcement of the iPhone, Palm would be ensuring that its new device is fresh in the minds of anyone mulling the purchase of Apple’s latest offering–or writing about it,” I wrote. “It would be parasitically riding on the back on the Apple media juggernaut. Question is, can it hang on without getting trampled?”

“…We believe Apple will focus on the new version of Mac OS X, Snow Leopard at WWDC,” Munster writes. “While some investors may be expecting Apple to launch redesigned iPhones at WWDC, we do not anticipate the launch in early June. Rather, we expect Apple to host a special event in late June or early July to launch a family of iPhones. We continue to expect multiple models, possibly a high-end iPhone with improved specs from the current version and a low-end version with lower capacity and fewer features along with a reduced pricing plan. Such a model could also be used in Apple’s launch of the iPhone into China as soon as the end of summer ’09.”

Munster’s is an … ahem … interesting theory. But remember, now that it has withdrawn from Macworld, WWDC is Apple’s biggest event of the year. Surely it wouldn’t pass up the opportunity to debut the latest iPhone there–especially when Palm (PALM) is expected to announce its new Pre handset on June 5, just three days before the WWDC keynote. And if the latest update of the device is as modest as some reports claim, there’s no need for Jobs to be on hand to announce it. It’s not a milestone product, and Schiller could easily handle it. Then the company could plan the late June/early July event to which Munster refers around that media tablet Apple’s rumored to be developing–with Jobs presiding, of course.

UPDATE: Over at Daring Fireball, John Gruber notes that if the next generation iPhone includes updated hardware, Apple will almost certainly announce it at WWDC. Why? Says Gruber, “…If there are any new hardware features — like say a video camera or magnetometer — that means new APIs, and if Apple wants to have WWDC sessions for the new hardware-specific APIs, they have to announce the hardware first.”

• 600 MHz Samsung ARM processor
• 256MB system RAM
• a 3.2-megapixel camera with autofocus
• 32GB of storage
• a digital compass
• FM

These specs were submitted to a rumor site by someone who claims to have a friend inside Apple manufacturing partner Foxconn who has handled iPhone “model MB717LL 9.” As such, they should be taken with a grain of salt, if not an entire salt flat.

That said, the rumors do seem reasonable. A 600 MHz chip is a nice improvement over the a 400 MHz part in the current iPhone, as is the doubling of RAM to 256MB. FM transmission and reception capabilities have been rumored before as has the compass. What’s missing, however, is an improved battery, a better GPU–perhaps the PowerVR SGX that’s been rumored to be heading for the device, a new, more elegant housing less prone to those hairline cracks that seem to plague the current one, and–in a perfect world–an OLED display and a second front-facing camera for video conferencing. Of course if OS 3.0 proves to be even a third as robust as Apple claims, we’ll be so enamored of the device we might not notice any of those things are missing.

Clearly, OS 3.0 had to be truly stable for Apple (AAPL) to issue such a mandate. And that suggests that the company is ramping up toward an official release–most likely at its Worldwide Developers Conference in early June.

A few things worth noting: The document features a misspelling. Is that an honest error, a canary trap or proof that the doc is bogus? No idea. June 5 is just three days before Apple’s (AAPL) Worldwide Developers Conference kicks off, the occasion at which the company is expected to announce its next-generation iPhone.

Now, it’s doubtful Palm would debut the Pre on the same day as a big Apple event that will drown us all in a deluge of iPhone and is-Steve-Jobs-OK-or-not news and speculation. But would it launch it a couple days prior?