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The ooohs and ahhhs were loud and strong in San Francisco on Tuesday as Apple icon Steve Jobs rolled out his company's latest cool tool, the Apple iPhone.

After rocking the world of computing with the Mac and of music with the iPod, here was Apple's sleek new must-touch grand entry into the realm of the cell phone. And not just a cell phone, Jobs assured the faithful with his trademark black turtleneck charisma, but Apple's one-of-kind synthesis of communications, computing , music and video.

The crowd cheered.

The world may change. But meanwhile, back at the ranch, there's an Apple problem with ethics and stock options.

This hour On Point: Apple, the iPhone, and the future of Steve Jobs and his fabled company.

Guests:

Henry Chesbrough, Executive Director, Center for Open Innovation at Berkeley's Haas School of Business. His new book is "Open Business Models: How to Thrive in the New Innovation Landscape."

Lev Grossman, book critic and technology writer, Time Magazine. He had a private viewing of the iPhone with Steve Jobs and wrote about it in an article titled "Apple's New Calling: The iPhone."

Lucian Bebchuk, Director of the Program on Corporate Governance at Harvard Law School, where he is professor of law, economics and finance. He is co-author of "Pay without Performance: The Unfulfilled Promise of Executive Compensation." He wrote the op-ed in Saturday's Wall Street Journal titled "Inside Jobs."

This program aired on January 10, 2007.

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