Rumor mills are working round the clock to bring the latest buzz on the upcoming iPhone 5. Though Apple hasn’t yet tweeted on the much hyped device, it hasn’t stopped Apple watchers from speculating on the features iPhone 5 would boast of, or its release date.

Apple iPhone 4S in one way or another is an updated iPhone 4, while iPhone 5 is a whole new concept. But when it is going to be public? Some people believe that it will come out in July. Others believe that there will be no iPhone this year (as T-Mobile said that they will not be rolling out any new iPhone in 2012). October 4 is the widely accepted date for the debut of iPhone 5. Hence, the rumor mills are buzzing that the next generation iPhone could be released in the September/October time frame.

iPhone 5 is expected to come with quad-core processors. Especially as a slew of rival smartphones powered by quad-core processor are in the lineup, ready for 2012 release.

The new iPhone is also expected to have a bigger screen – 4-inches or more, with qHD resolution of 960 X 540 pixels (same resolution as iPhone 4S but a bigger screen). Possibility of a 3D screen is also there. Recent rumors also suggest that the upcoming iPhone will have a smaller dock connector. With a micro connector, Apple is abandoning the concept they were using in the entire iGadget lineup – iPad, iPhone and iPod. This might be to save some space inside iPhone for stocking some extra hardware components or to make iPhone slimmer. Making iPhone 5 slimmer sounds better. Apple’s nemesis, Samsung, has Galaxy S2 in its lineup which is a very slim phone. We’re sure Apple doesn’t want Samsung to take the lead in the form factor segment.

Recently, Qualcomm released fifth generation Gobi chips and also leaked out the information that the new technology would work in future iPads and iPhones. As Gobi v5 is a universal chip for every network, the future iPhone is expected to come with 4G LTE option. Verizon is expected to be the first to launch iPhone 5 with 4G LTE, as it has a strong 4G network coverage across the U.S.

Near Filed Communication (NFC) is a new feature in smartphones. However, the recently released Android smartphones boast of NFC technology. Hence, Apple iPhone 5 is also expected to have embedded NFC chip. This feature can give iPhone users a choice to leave our wallets and credit cards at home, by unlocking mobile payment methods. But is iOS secure enough? Malwares in iPhone are on a hike. Apple has to develop an operating system (iOS) with rigid security that should not be breached easily.

The Apple rumor mill is hot, always has been. Soon after the debut of a new iPhone or iPad or iPod, people already begin to wonder what the next generation device will look like or what features will it carry. What do you think? What are your expectations from the iPhone 5? Leave your comments below.

(Reported by Johnny Wills, Edited by Surojit Chatterjee)

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