Given the numbers of rumors preceding the WWDC 2008, Apple may have delivered the bare minimum of product announcements today. The 3G iPhone was announced as expected, but it is not available immediately. It will launch on July 11 and its features are not as extensive as some may have hoped or the beta releases of the iPhone 2.0 SDK indicated. The big new feature is GPS, a slimmer form factor and a reduced price of $199 for the 8 GB model (although we do not know AT&T’s pricing yet).

Over the course of the keynote, it was clear that investors were hoping for something big and as the keynote went on with rather boring demos, the stock fell more than 4% or $7. When teh 3G iPhone was annoucned, the stock suddenly recovered, reducing the loss to less than 2%, but feel back when the keynote ended. At the time of this writing, Apple stock was down 4.23% or $7.86.