Name: You can almost bet the farm that the new name will be iPhone 5. The only other contender would be the “New iPhone”, following in the tradition of the “New iPad.”
Design: A slimmer, longer, but not as wide, case. A two-toned color scheme. Possibly a metal back like the original iPhone.
Screen: A four-inch screen with a different aspect ratio than the 4S. A 640×1,136-pixel-resolution screen would allow an extra row of icons on the home screen. This would provide apps with extra screen space above the virtual keyboard, and a better fix for HD videos in landscape mode.
Dock connector: A completely new 8-pin connector that will take up less space than the old 30-pin that’s been in use forever. The downside of losing that 30-pin dust collector — the old accessories and cables will be obsolete. Let’s hope Apple provides an adapter.
Connectivity: 4G LTE has got to be a certainty. Apple did it for the New iPad, and lack of 4G LTE wireless has been a big beef of even the most loyal Apple fans.
Processor: A couple of alternatives here. A quad-core A6 processor be a more advanced CPU than what’s in the third-gen iPad’s A5X processor (with a dual-core CPU and quad-core graphics). The new iPhone might possibly have a smaller A5X processor with the same power but more compact design.
iOS 6: Many older Apple devices will get the iOS 6 upgrade, but Apple has also indicated that a few features like the new Maps app’s turn-by-turn navigation will only be available on the latest iPhone and iPad models.
What the iPhone 5 probably won’t have:
NFC might not be possible with the slimness of the case
Expect only minor camera upgrades. Apple has made significant camera improvements in the last three iPhone models. Look for smaller tweaks like multiburst or a better flash.
Other rumors have the iPad Mini or new iPods making their debuts alongside the iPhone 5. Don’t bet on it. Apple will want to get as much mileage out of the buzz with multiple new product announcements. The latest talk on the street has an iPhone launch in September, and an iPad Mini launch in October.