(RED) iPhone for Holidays?

One rumor circulating around the internet is a claim that Apple will offer a Product (RED) iPhone for the holidays. The original source of the rumor is a site called iPhone Savior. This site, however, is a humor and satire site so it's hard to take it too seriously.

The rumor has been republished across a number of sites.
Link:
http://www.macrumors.com/2008/07/24/red-iphone-for-holidays/