The last few weeks have been almost unprecedented in the number of Apple rumors – but they’re still coming. On Wednesday I talked about how the $200 iPhone price cut suddenly makes a lot of sense if Apple is about to announce the 3G iPhone in Europe, and now that is appearing a bit more likely. A leaked T-Mobile ad from Germany has surfaced and appears to show a 3G, 16 gig iPhone.

The ad states the device would be available on November 12th, which again would make sense if Apple announces it in a few weeks at the Apple Expo in Paris. The ad also shows that the device will sell for 499 Euros which is about $687 U.S. dollars – and so now you see why a price cut might have been necessary for the U.S. market. How could Apple justify selling a 3G iPhone with double the memory for only $87 more (which in the U.S. would probably be the same $599, Apple appears to just be focusing on hitting the 499 Euro mark).

If the ad is in fact real (and there is some question since, notably, it calls the iPhone an iPod in one of the headlines), the next question is if it will kill the momentum of the iPhone’s $200 price cut? The new $399 price is nice, but if the 3G iPhone is about to hit Europe, you know it will just be a matter of months until it comes to the U.S. as well (maybe MacWorld in January?). The 3G 2nd generation iPhone is what a lot of people are waiting for, and it appears on the horizon.