Earlier today a collective sigh of relief was heard coming from prospective iPhone buyers throughout the world. Cisco and Apple officially resolved their dispute of the the rights to use the “iPhone” name.

Both companies will be able to use the iPhone trademark freely on their devices. Under the agreement, they will both have ownership rights to the trademark. They have both agreed to work together in terms of interoperability in security, and consumer and enterprise communications.

Apple cited in the beginning that the lawsuit was “silly” because the two companies were offering products that would not be in direct competition with each other.

This has been the single largest obstacle that we’ve seen for the iPhone since it’s announcement. Although there is still one lawsuit pending from Quantum Research regarding the touchscreen technology, the settlement in the Cisco case will no doubt assure that the iPhone will be delivered on schedule.

I asked our editor Vincent for his thoughts on the resolution; he stated that he was excited, and that he is “excited” and that “our stock in My iPhone just went up.” As much as we’ve all enjoyed following the lawsuit, it will be nice to finally have some closure.

Cisco and Apple Reach Agreement on iPhone Trademark [via apple]