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Originally Posted by scottjl
Silly question. Why is Apple going to give up the $100-200 more for on-board memory when they aren't going to see a dime out of your SD card purchases?
There are also several technical reasons for restricting SD card access. Customer support ("My SD card broke off inside and I can't get it out." "I jammed a CF card in and I can't get it out." etc.). It provides another avenue for hackers/jailbreakers/rogues/scoundrels to gain access Apple doesn't want them to have. The early versions of the OS did not have provisions for accessing a SD device, Apple would need to write drivers (which they obviously are in the process of doing for the iPad release).
Another good reason, include it in iPad 2.0 and re-sell them to everyone who bought v1.0.
Also, as soon as they add them to the iPad everyone with a Touch/iPhone will be screaming bloody murder for a MicroSD slot (standard on most phones these days) and they don't want to go that route either, yet, if ever.
Look how long it took them to add a SD slot to their notebooks! They had those .54 slots that never caught on.
Apple has lots of reasons to keep SD off. Just because consumers want them, I wouldn't hold my breath waiting for one. 
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I think the most probable reason would, because the iPhone OS has no visible filemanagement possibility.
Also... now it can support SD and SDHC card, what if SDXC comes out?