As for Rockstar taking the piss out of Apple, I think they'll go for ridiculing the stereotypical Apple customer. If not, then they won't do anything. Calling it Pine-Apple or some rubbish pun like that would be too easy.
There will probably just be a parody brand, if there's any branding at all that relates to a real world one. There certainly won't be apps, and the "modding community" certainly won't waste their time making new ones to go on the phone.
Hardly the most exciting news, although I doubt your source is reliable. So R* will most likely have a play with a smartphone parody, there are another 1000 features I am more interested in when it comes to GTA.
No Storage Capacity? lol even the first iPhone had a minimum of 8GB storage. I think that's pretty cool.
It's emphasising the prevalence of style over substance when it comes to iPhones, it's not really relevant today when they're the dogs bollocks, but back when they and GTA IV were first released they were pretty awful when it came to functionality. Very limited storage capacity compared to other phones on the market which chiefly used memory cards.