The iPhone 5 release date frenzy is matched only by the curiosity over its features and specifications. According to the latest round of rumors, the next generation Apple phone will have 32GB memory, 8MP camera, 4-inch display, and it will be 4G-enabled.

A screenshot from a page on a carrier Web site shows that iPhone5, which will be unveiled on Tuesday, will have these features.
The Unofficial Apple Weblog (TUAW ) has a reader who says he has got this screenshot from the Web site of the pre-paid cell phone section of Cincinnati Bell.

The screenshot, which was removed from the Web site in no time, showed a placeholder for the 32GB version of the iPhone5 priced at $639.99. The other highlighted specifications were an 8 megapixel camera, a 4-inch screen and 4G data connectivity.

TUW has also reported that another reader sent in a different screenshot from the same site that showed a low-cost iPhone 4S device with different specifications.

iPhone features will be out in the open in hours, validating some of the rumors going around for months and negating some others. It is safe to conclude that Apple has equipped its upcoming smartphone with most hardware and software features that make it a tough competitor for the competition. The rumored software and hardware specifications will make iPhone5 a compelling device and rivals are already feeling the heat.

Some of the interesting hardware specifications of the upcoming iPhone5 are edge-to-edge 3.7-inch or 4-inch display, speech recognition capabilities, improved flash unit for camera and strong gaming capabilities with A5 processor. Also, it is rumored that iPhone will have Imagination Technologies’ PowerVR Series6 mobile graphics processing architecture, 8-megapixel camera, 1080p Full HD videos, panoramic photo capabilities, Qualcomm Chips to support GSM/CDMA technologies for AT&T/Verizon/Sprint and wireless charging. Also, there could be a high capacity battery, NFC support and increased RAM memory along with 4G support.

On the software front, there could be features like the Notification Center, Background updates, Cloud sync, Wireless sync, Reminders with geolocation feature, OTA updates, Twitter Integratio and Voice control. There could be additional features like camera shortcut when phone is locked, simplified Reader view in Safari, Widgets, Rich text formatting, LED Flash for calls and alerts, Custom vibration, Locate alternate routes in maps and HD streaming in YouTube over 3G.

Rumors also have it that along with the feature-laden iPhone5, Apple will also unveil the iPhone 4S, which will be a cheaper and more affordable version. Some of the advanced features maybe lacking in this version though. It is speculated that Apple will position this against the myriad smartphones by rivals like HTC and Samsung.

Another strong strand of rumor that thrived in the run-up to the iPhone5 launch is that the device could be on Sprint's network as well. A purported screen shot of Radio Shack's inventory system circulating on the web is the latest in a series of hints that suggest Sprint will have iPhone5, making it a three-way race between AT&T, Verizon and Sprint.

Meanwhile, there have been reports that Apple has closed some of its stores for renovation, probably in order to carry out last-minute preparations ahead of the launch of iPhone5.

The Daily Mail reported on Sunday that Apple stores in San Francisco, Seattle and Pennsylvania have been closed with notices at the locations and on Apple's website citing it was for 'renovations'. The stores, which were contacted, said they will reopen on Wednesday, October 5, the report said.