The just-announced T-Mobile G1 with Google is unlikely to challenge Apple's iPhone, says investment bank Piper Jaffray.

"To use a baseball analogy, when Apple comes out with a product, they try to hit homeruns, but Google's Android strategy is swinging for base hits", analyst Gene Munster wrote in a research note.

"Today's announcement in itself does not change anything, however, if over the next 2 years Google has many similar small announcements, it will become a greater threat to the iPhone."

Munster does state that the G1's open platform and full QWERTY keyboard and will give it appeal to some, stating that the iPhone has been "slightly hampered" by its touchscreen-only interface, but this is not enough to cause Apple concern:

"While the G1 is a legitimate competitor with the iPhone, we believe it will have little or no impact on near-term iPhone sales", he said.