Apple's tight-lipped approach towards its iPhone 5 release has fueled rumors on its release date and specs that will define the next step in the iPhone's evolution.

The iPhone 5 is expected to run on an upgraded operating system, iOS 5, and is expected to be supported by a strong ecosystem including iCloud. iCloud will also store photos, apps, calendars and documents without storing them onto the phone's memory storage. Apple also placed itself in top position of the cloud war by inking deals with top music label companies to license songs for the iCloud service.

On the other hand, Google is readying its next iteration of Android mobile operating system - Android Ice Cream Sandwich. The phones that would feature this version of Android are expected to be a tough competitor to Apple's iPhone 5.

If rumor mills are true, Samsung and Google are readying a killer device under the name Nexus Prime, which could give iPhone 5 a run for its money in terms of both OS as well as specifications.

Since both are expected arrive in October, an epic battle looms.

Let's see below the speculated features of both iPhone 5 and Nexus Prime.

iPhone 5

Apple is expected to release iPhone 5 as a World Phone - both GSM and CDMA compatible. It is conjectured that the phone will have a SIM-less design with 3-4 antennas. Another rumor suggested that the iPhone 5 will feature a SIM card slot for other countries except the U.S. This will allow users to insert any SIM card in iPhone when traveling abroad.

Apple has made improvements in the camera department by fitting a 5 megapixel camera with LED flash. Apple's iPhone 5 is expected to sport an 8 megapixel camera.

There is also near-unanimity in gadget circles that Apple will bring its A5 chip on to the iPhone 5. The A5 processor is the same one that Apple rolled out to power its iPad 2. Apple may boost the speed of its A5 chip in the range of 1.2 or 1.5 GHz as several Android smartphones are coming with 1.2 GHz processor.

Apple may fit a near-field communication chip in the iPhone 5 as some high-end Android devices are expected to sport the NFC chip. NFC allows for simplified transactions, data exchange, and connections with a touch. A smartphone or tablet with an NFC chip could make a credit card payment or serve as keycard or ID card.

Apple is rumored to increase the screen size of iPhone 5 to compete with Android smartphones, probably going for a 4-inch screen. The iPhone 4 has a 3.5-inch screen.

Apple's iPhone 5 is expected to feature the new iCloud service in operating iTunes for wireless remote access of music from all computers and mobile devices.

Nexus Prime

Nexus Prime is expected to run Android Ice Cream Sandwich and feature a Super AMOLED HD display with 720p resolution. Prime's display will include a 4.5-inch panel with a PenTile layout, according to a report from BGR.

Nexus Prime will be powered by a TI OMAP4460 chipset clocking at 1.5GHz. The report added that Nexus Prime won't feature physical Android menu buttons below the screen anymore as everything will be software-based.

In other hardware, the camera will be 5 megapixels, but the sensor is expected to be improved for higher quality images and better low-light conditions. Like many Android handsets on the market, the Nexus Prime will offer a front-facing 1-megapxiel camera for video chat.

The 5-megapixel camera, however, is said to sport an advanced sensor delivering top image quality in addition to superior low-light performance. Moreover, the device would have 4G LTE support and at least 1GB of RAM, the report added.

Google is said to be aiming to launch the device around Thanksgiving.