iPhone 5 needs to be bold here to stay ahead of the Android march. The next generation iPhone could end up being the must-have item of the upcoming shopping season, so there's no need for Apple to skimp on the upgrades.

There are huge expectations for the iPhone 5's features, which will boast significant hardware and software improvements. Smartphones are looking more and more alike, and Android phones have been outselling Apple's iPhone all summer, so the tech giant can't compromise with the growing demand of high-end specs that should come standard with the fifth generation iPhone.

With less than a week to go before the Oct. 4 unveiling of the latest and greatest Apple gear, here's what you can look forward to unwrapping. Start the slideshow to begin.

Also read: Why Apple's iPhone 5 Release Date is Likely Oct. 14, Features Larger Display, Better Camera, 4G