If common sense is lacking, California's lost property statute is quite clear:
"One who finds lost property under circumstances which give him knowledge of or means of inquiry as to the true owner, and who appropriates such property to his own use, or to the use of another person not entitled thereto, without first making reasonable and just efforts to find the owner and to restore the property to him, is guilty of theft."TUAW has a quick overview of the the recent exchange between the two parties, which includes a letter from an Apple senior VP and Gizmodo's childish response.
I highly recommend Engadget as a more respectable alternative.
Engadget also had a chance to bid but ultimately demurred, says editor in chief Joshua Topolsky. "We aren't in the habit of paying for scoops," he says. "We don't think checkbook journalism is a way to get good information, and it encourages awful behavior in tipsters." (Daily Finance)