Updated: iPhone 5 rumours: what you need to know

iPhone 5 (or the iPhone 5G, as some are calling it) rumours are flying thick and fast already.


Will there be a rush release to erase memories of the iPhone 4's antenna problems?
Will the 5th generation iPhone deliver ultra-fast mobile internet? Will it ever end up on Verizon in the US?
Let's raid the iPhone 5 rumour fridge to find the tomatoes of truth amid the stinky stilton of baseless speculation.
The iPhone 5 isn't the Verizon iPhone, and vice versa
The Verizon iPhone rumour has been around forever, and one day it'll come true - but it won't be the iPhone 5. The Wall Street Journal said a Verizon iPhone was nearly ready back in October, and we'd take that one seriously: the WSJ is the paper Apple tends to share its secrets with.
It says that "the [Verizon] phone would resemble the iPhone 4 currently sold by AT&T, but would be based on an alternative wireless technology used by Verizon, these people said." Which people? "People familiar with the matter".
The iPhone 5 will have a different form factor to the iPhone 4
WSJ: "Separately, Apple is also developing a new iPhone model, said people briefed on the phone. One person familiar said the fifth-generation iPhone would be a different form factor than those that are currently available… it was unclear how soon that version would be available to Verizon or other carriers."
The iPhone 5 specs will be evolutionary, not revolutionary
According to the Chinese Economic Daily News (via AppleInsider), with the exception of Qualcomm chipsets - which would replace the current Infineon chipsets in the iPhone 4 - Apple's sticking with the same suppliers for the 2011 iPhone 5G components.
We'd expect the basics of the iPhone 5 specs to get a bump - more memory, faster processor, more storage - but DVICE quotes a single insider who claims to have handled Verizon prototypes.
The specs? A new antenna, 1.2GHz processor and a larger screen: 3.7" instead of 3.5". The iPhone 5 may also be made from a new kind of alloy, or maybe meat.
The iPhone 5 specs may include a digital wallet
There's been some speculation that Apple might include Near Field Communication (NFC) technology in the iPhone 5G, turning it into a kind of credit/debit card. However, as Techeye.net notes, "Apple has looked into NFC before" so this might not be imminent.

PAY PHONE: Apple patents show how a near field communication-equipped iPhone 5 could act as a kind of credit card
The iPhone 5 release date will be in the summer…
Apple's established a rhythm with iPhone releases, with new models appearing in late June or early July each year. It's a safe bet that the iPhone 5 release date will also be late June or early July.
As Beatweek magazine points out, Apple's A-Team can't be everywhere at once; by staggering the releases of the iPad 2 and the iPhone 5, they get to work their magic on both devices.
…or maybe the iPhone 5 release date will be earlier
iLounge said its source reckoned Apple would push the iPhone 5 release date forwards - possibly to January 2011 - because of the iPhone 4 antenna problems, although iLounge itself said the claim was "hard to believe". The source could be confusing the Verizon iPhone and the iPhone 5.
The iPhone 5 specs may include LTE support
At least one analyst thinks the iPhone 5 will support LTE, super-fast mobile broadband, in the US. That would make the iPhone 5G a 4G phone, which won't be confusing at all. LTE is certainly coming - AT&T plans to roll out its LTE service in 2011 - but an LTE iPhone has been rumoured for a while. USA Today floated the idea of an LTE iPhone on Verizon last year.
The iPhone 5 price won't change
If the iPhone 5 is an evolutionary step like the move from the iPhone 3G to the iPhone 3GS then we'd expect the price to stay more or less the same, although in the UK higher VAT rates may well mean a higher price tag.