As we speak, Apple is probably on the phone with a team of lawyers that are preparing to dive-bomb a popular gadget blog.

Last week, a lost iPhone 4G prototype turned up in a bar in Redwood City, California. It quickly became the holy grail of tech devices, and Gizmodo managed to get its hands on it. Not only that, but they disassembled it, and are now convinced that it’s not a hoax.

Gizmodo reports that gone is the tapered, metallic back, in favor of a flat, plastic back panel made to allow 4G access to work with minimal interference. An aluminum border outlines the sides, and the front sports a slightly smaller glass panel than the 3Gs but appears to display at a much higher resolution. It’s a wee bit heavier, sporting a larger battery for longer life. It’s also been slimmed down in width. The iPhone 4G has a front-facing camera, to allow for video chatting/calling, and an improved rear camera.

Gizmodo seems mighty impressed with the new phone, especially liking the solidness and sturdiness of the design. It’s no doubt been customized to run iPhone OS 4, so now that we’ve seen both components — software and hardware — I can’t wait to see how the two work together in the finished product.

Rumors have been flying for a while now that the iPhone 4G will be announced and released sometime this summer, so it looks like we won’t have to wait long to see Steve officially unveil the device in front of a drooling crowd. But it does look like for once, his thunder has been stolen.

The real question is: will Gizmodo keep its post up after the inevitable threats from Apple’s lawyers? Or will they cave to the pressure?