In 2007, just as the wireless industry was starting to think of itself as a maturing industry and looking to consolidate, the disruptive force of technology—and bold business strategy—upended assumptions and sent major corporations racing to catch up with smaller, newer, nimbler rivals.

New companies rose to become investors' darlings, while at least one "old" one—Google—managed to defy gravity by remaining a favorite even as its share price soared out of view.

Apple rolled out the iPhone to accolades—and saw its share price rocket to $200—but many potential customers complained about the company's exclusive deal with AT&T, which has prevented widespread adoption of the device.

A 16-year-old New Jersey teen became an overnight global celebrity after he "unlocked" his iPhone in his basement as a summer project. He said he did it "for fun."

Google had another banner year, signing new deals that drove its share price above $700. Search advertising revenue continues to be strong, but the pace of growth has slowed.

The company's biggest news came elsewhere: the start of open-source initiatives in the wireless and social-networking markets.

The company's Android mobile-operating system has already forced Verizon Wireless and AT&T to pay lip service to open-source wireless advocates.

Meanwhile, its Open Social initiative was seen as an effort to "out-open" Facebook, the hottest social network in the country.

Mark Zuckerberg's social-networking site exploded in popularity in 2007, raising $300 million in venture capital, including a $240 million infusion from Microsoft in exchange for a 1.6 percent stake. That transaction implies that Facebook, which is hoping to earn $30 million this year, is worth a total of $15 billion.

But Facebook's euphoria over that development was dashed in stunning fashion when the company was forced to wipe egg from its face over the disastrous launch of the company's "social advertising" system, called Beacon, which critics viewed as a privacy nightmare. Zuckerberg apologized, but the incident raises questions about his ability to lead Facebook.

What does 2008 hold in store? Rumors are already circulating about new products and potential partnerships. But in an industry still growing and changing rapidly, some surprises are also lurking ahead....