For almost as long as Apple’s iPhone has been in existence, analysts have claimed to see visions of a low-cost version of the device aimed at developing and prepaid markets. It’s easy to see why these visions have grown in magnitude and gained a more vocal following over the years: entering that market would, in theory, broaden Apple’s potential appeal by hundreds of millions of new customers. But I refer to the low-cost iPhone as a “siren song” for a reason – there’s a significant potential downside if Apple tries such a device and fails to impress.