The Apple Let's talk iPhone event is one day away and it is the first time that an iPhone event will be held separate from WWDC and at the Apple Headquarters.

Rumors of the highly anticipated iPhone 5 have been swirling for months, but Apple will finally pull back the curtain at its Let's talk iPhone event on Tuesday. The invite does not explicitly mention an iPhone 5, but consumers are expecting the company to showcase its next-generation iPhone.

So What Can We Expect on Tuesday?

By all accounts, Apple is expected to unveil the highly anticipated iPhone 5 alongside the introduction of iOS 5 and its iCloud Web services product to a hungry consumer crowd on Tuesday.

Bloomberg BusinessWeek speculated that iOS 5 will roll out at the Apple event. According to Apple, the software update for its iPod Touch, iPhone and iPad devices would release this fall and iPhone 5 definitely won't ship without it. Hence, the possibility of iPhone 5 being unveiled with iOS 5 pre-installed is not a remote possibility.

It is expected that Apple's CEO Tim Cook will officially announce the iPhone 5 during the special media event.

What Apple hasn't confirmed as yet is whether there will be two smartphones launched that day or just one. Rumors have been circulating that the iPhone maker will launch an iPhone 4S along with the iPhone 5. The iPhone 4S is rumored to be a tweaked version of the current iPhone 4 and is more budget-friendly.

Although no features are official until Cook takes the stage, tech observers revel in the guessing game. Although Apple is not likely to add flash support, expandable memory and a removable battery, there are high hopes that the new device will have features that offer excellent user experience.

A Faster Phone:

The latest report claims that the iPhone 5 would support HSPA+ networks that would provide faster internet speeds compared to its predeccesors, the Japanese blog Macotakara reported, citing a China Unicom executive's presentation at Macworld Asia.

HSPA+, or Evolved High-Speed Packet Access, is a technical standard for wireless, broadband telecommunication, offering download speeds of up to 21Mbps. Currently, the iPhone 4 running on Verizon and AT&T's networks support speeds of up to 7.2Mbps.

Meanwhile, AT&T is marketing its HSPA+ network as 4G, though it is not actually 4G, which is 10 times faster than the existing 3G speeds. On the other hand, Verizon has already launched its 4G LTE services.

Large Screen Size:

Some qualified reports dating back to last February have suggested that the larger screen size will be a reality for the highly anticipated iPhone 5. The idea is that the fifth-generation smartphone from Apple will have an expanded screen to better compete with Android devices that often have larger screens.

Recently, the French version of CNET has reported it has a source which said the iPhone 5 will sport a much larger 4.3-inch display, the same size as the HTC Evo 3D as mentioned on the CNET UK Web site.

There was also an early report from China's DigiTimes that Apple was looking at bigger screen sizes to better compete with popular Android phones -- hailed in large part because of their larger screen sizes. That report was in early February, when the tech publication said the new iPhone 5 will feature a 4-inch screen -- bigger than the iPhone 4's 3.5-inch touch screen.

Powerful A5 Chip:

This is the same chip that gives the iPad 2 its power. Rumors are that Apple will likely fit an A5 chip into the iPhone 5, giving its speeds of about 1.2 or 1.5 GHz with 1GB RAM.

Upgraded Camera:

This is another one that will likely happen. In the tech world, a 5-megapixel camera seems passé - as sad as that might sound to some - it's true. Like the dual-core processor, several of iPhone's competitors in the Android world have phones with 8-megapixel cameras. A rumor back in April, from Ming-Chi Kuo of Concord Securities, said the iPhone 5 will carry the 8-megapixel rear camera. Another rumor had Sony replacing Omnivision and making the iPhone 5's improved camera. Expect a better phone with the iPhone 5.

World Phone:

It is anticipated that the next iPhone could come as a world phone, compatible with both GSM and CDMA. It is also believed that the phone will feature a SIM-less design, including up to three to four internal antennas.

Still, it is also suggested that the iPhone 5 will feature a SIM card slot for other countries except the U.S. This would allow users to insert any SIM card in the iPhone when traveling abroad.

Killer Voice Recognition Feature:

A killer voice recognition feature can't be ruled out in the iPhone 5. Last year, Apple acquired voice-recognition application startup Siri and soon thereafter it added some voice-to-text features to iOS 4, such as the ability to verbally command an iPhone to call Dad or play more songs like this.

Piper Jaffray analyst, Gene Munster, who covers Apple said the let's talk tag line is a less-than-subtle hint that Apple may be planning to deliver voice-recognition advances the company has been working on, according to Fortune, since it acquired Siri almost 18 months ago.

Better Battery Life:

Apple is known to constantly improve its products. The iPhone 4 has about 40 per cent more talk time than the iPhone 3GS. Therefore, it is no wonder that it is being rumored that the new iPhone will come with a thinner, lighter battery and may provide an extra 100 hours of standby time and more than two hours of talk time.

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