Uber Droolworthy: The New ‘Twice As Fast, Half the Price’ 8G $199 iPhone is Coming July 11th.

Just short of a year ago, on June 29th, 2007, to be exact, I stood in line for the hottest tech toy ever, Apple’s droolworthy iPhone.

By July, I had already passed this shiny new thing on to my daughter. ‘Crackberry’ addict that I discovered myself to be, I returned to my trusty Blackberry, with the easy QWERTY keyboard.

My daughter loved the iPhone almost instantly. But she has since learned that the iPhone can be a heartbreaker. It failed her during an awesome OK GO ‘Mighty Mic” concert for Darfur at UCLA, when the measly 2 megapixel camera failed to save the juicy pix of Damian, Tim and Dan she snapped from the edge of the stage. It failed her last Wednesday when it dropped and the fragile screen cracked. It fails her repeatedly by slogging along on the uber-slacky AT&T network.

So the question is:  how many of these 1.0 glitches will be cleaned up in the new iPhone 2.0?   Rumors have long centered on a faster, cheaper iPhone, to be launched sometime this summer.

Stay tuned.  Steve’s at Moscone Center right now, wowing the throngs with details.  The place is at capacity, with Apple addicts lined up more than 24-hours ago to get in on the first buzz. Even better, its crammed with developers.

Here’s the official stuff.