Contradicting the results of an earlier survey, some 25% of teenagers who are aware of the iPhone said they'd be willing to pony up $500 for it. Maybe there's hope for the device, after all.

Of course, saying they'll pay $500 for a device and actually going to a store and slapping five Franklins on the counter are two different things. Any way you look at it, $500 is a lot of lawn jobs. Still, the results of the Piper Jaffray bi-annual survey of teenagers’ buying patterns and brand preferences show some promising results.

You might recall that a survey conducted back in February showed that only 1% of people interested in the iPhone would pay the $500 price tag. It went on to say that most people would buy the device only if it were in the $200 - $250 range. This survey of teens and their buying behavior says differently. Not only had 84% of the 500 students surveyed heard of the iPhone, 25% of them said they'd pay Apple's high price of $500 for a slice of gadget nirvana.

The results underscore Apple's success in fostering cache with its products. That it has transferred its success in media players over to the mobile phone market speaks volumes about the value of its brand.

Many remain doubtful that the iPhone will truly succeed, however. Some have even said it will destroy Apple. What will be interesting to watch are initial sales figures of the iPhone and how they break down by market segment and see who's right, and who's wrong. Will teens really lead the way?