Nano iPhone is not a phone. It's an iPod
Have you ever thought of a 3G / wi-fi iPod, instead of a cannibalizing-iPhone-dwarf? More of a “nano-iPad” than a “nano-iPhone”?
I’d say this new N97 doesn’t have a voice module (but only a data modem).
(iPhone 3G’s codename was N82, iPhone 4’s – N90, iPhone Verizon’s – N92, while iPod’s codename was P97, iPod touch’s – N45. I’d also rely my guess on Apple giving even code numbers to its phones and odd numbers to iPods.)