We posted a list of possible leaked specs last week, but frankly all of this is pure speculation just like every other Apple release.
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According to Gadget Lab:
“Overall, if these claims are true, this is a relatively minor upgrade. The most notable new features would be the built-in compass (which appeared in earlier rumor reports), the video recorder and editor (the current iPhones don’t support video recording unless you Jailbreak them), the built-in FM transmitter and the OLED screen (which would improve battery life).”
And another set of ‘specs’ according CultofMac:
* 32GB and 16GB to replace current capacities
* $199 and $299 price-points to be maintained
* 3.2 Megapixel camera
* Video recording & editing capabilities
* Ability to send a picture & video via MMS
* Discontinuation of the metal band surrounding the edge of the device
* OLED screen
* 1.5X The battery life
* Double the RAM and processing power
* Built-in FM transmitter
* Apple logo on the back to light up
* Rubber-tread backing
* Sleeker design
* Built-in compass
* Revolutionary combination of the camera, GPS, compass, and Google maps to identify photo and inform about photo locations.
* Turn by turn directions
* July 17th, 2009 release date