Merrill Lynch is reporting that Apple will only be shipping 4 million iPhone’s this year, but 12 million units will be shipped in 2008, so fear not. ML’s report also indicates that monthly shipments will begin with 200,000 to 300,000 and ramp up to about 1 million units by year’s end. Better get in line now or you’ll be waiting a very a long time, because it looks like that shortage will be true.

Merrill Lynch: iPhone shipments to total four million this year [Digi Times]