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The rumor mills are alive with speculation about the iPhone 5, which will supposedly be coming this summer. With these rumors comes the tale of a mythical device that we haven’t heard mentioned in quite some time: the iPhone Nano.

When the very first iPhone was released, it took spin-artists no time to convince the media that Apple was working on a new smaller version. This device would of course be cheaper and more compact than the normal iPhone and would hopefully appeal to customers not willing to shill out for the big version.

Of course, years later we know that these rumors were 100% fabricated and not the least based in reality. Yet here we are again, four years later and the rumors have resurfaced. Could Apple finally be ready to expand the iPhone line with a smaller version? More importantly, do you care?

Let’s say the rumors are true and Apple releases an iPhone Nano in a few months, would you buy one? Vote in the poll above, then leave a comment below and let us know, regardless of whether or not you want to buy one, if you think it’s a good strategy. Do you know people that would jump on the idea of a smaller, cheaper iPhone?