3G iPhone in May 2008?

The usually reliable Register links to the inside scoop on the 3G iPhone. Apparently tech blog Sevenclick spoke to a manager at Spain's Telefonica. Among the tidbits: Telefonica and Apple have not yet reached an agreement; Apple is demanding 30% of revenue; Spain missed out on a 2007 iPhone launch because Apple can't make enough phones. And the money quote:
When iPhone will be launched in Spain?
Telefonica expects it on May.

Will Telefonica release a 3G iPhone version on May?
Yes! They expect it.

It's rumor, but May doesn't seem like too crazy a date for iPhone v.2. Apple updates the iPods yearly, after all. Living in Spain, all I can say is "Please God, don't let it be Telefonica".