Anyone defending Giz or Jason is an idiot, plain and simple.
I'm not defending Giz/Jason, because honestly I don't give a fuck about the iPhone. I do believe that legally speaking, there are some issues with any case Apple attempts to bring to the courts which depending on the ruling will allow Giz/Jason "off the hook" so to speak.
Do you really think he paid $5000 for the phone without being certain that it really was a 4g iPhone? If this guy is as much of an apple fanboy as everyone claims then I bet he knew exactly what the writing on the back of the phone meant, specifically the DVT designation.
It isn't likely they would pay $5k for something unless they knew there was something different about it. Knowing it's an Apple product, that alone is worth $5k to most tech reporters. Also, if the stuff about the guy who sold it to Giz made a reasonable attempt to return it prior to selling it to Giz is true (it was left at the bar, i.e. left there not taken, and the guy who picked it up attempted to return it to Apple), then there is no "stolen property" being sold. That will determine if it was "stolen" at the time of purchase or not.
As for the DVT designation and knowing it's a prototype, so what? Legally, there is nothing wrong with publishing information about prototypes as long as no NDA contract was broken and it wasn't obtained through illegal means (i.e. stolen).
The second he determined that it was in fact a 4g phone he should have came to the realization that he does not have the right to posses the phone nor did the person who sold it to him have the right to sell him the phone.
At that point the crime, if it is found there was a crime committed, had already happened. Legally, he had a right to posses the phone and the seller had a right to sell it provided that it was not "stolen".
Finally, and most importantly, claiming to be a journalist does not shield him from prosecution for buying stolen property. And of course there is always the possibility that the police are going after the person he bought it from and might not even charge Jason with a crime.
Nobody who is rational here is claiming that being a journalist does shield him from prosecution of buying stolen goods. What him being a journalist would mean (if it's decided he is in fact a journalist and those laws protect him), is that the search warrant was not legal. So, on that basis alone any evidence from that search would prove to be obtained through illegal means, and could not be used in the court case.