More information from the recently unsealed documents regarding the warrant...
http://www.wired.com/threatlevel/2010/05/roommate-iphone/Priceless:
Police closed in on the man who found and sold a prototype 4G iPhone after his roommate called an Apple security official and turned him in, according to a newly unsealed document in the ongoing police investigation.
The tip sent police racing to the home of 21-year-old Brian Hogan, and began a strange scavenger hunt for evidence that a friend of Hogan’s had scattered around this Silicon Valley community. Police recovered a desktop computer stashed inside a church, a thumb drive hidden in a bush alongside the road, and the iPhone’s serial-number stickers from the parking lot of a gas station.
Hogan should get, at a minimum, a probation period with community service and a stiff fine. Gizmodo and Gawker should be bled dry. But I still doubt we'll see a civil suit. Otherwise $200-500 million would probably be fair.