With the Palm Pre's looming release next month, it’s time for iPhone rumors and speculation to get hot and heavy. The latest and greatest — July 17 being the rumored launch date, accompanied with a lengthy list of specs. History tells us that when it comes to iPhone rumors, most guesses are a shot in the dark. So here's the buzz: The new iPhone will have double storage capacity of its predecessor at 16GB and 32GB, up from 8GB and 16GB respectively. Battery life will be 1.5 times greater and its processor will be twice as fast as the current model — though. Aesthetically, the back will be a rubberized material and the chrome bezel will disappear. Most of the list of upgrades seem minor, but some are new like a compass with Google like map combined. For the full rumored spec list, see items below.
* 32GB and 16GB storage
* $199 and $299 price points to be maintained
* 3.2-megapixel camera
* Video-recording and editing capabilities
* Ability to send a picture & video via MMS
* Discontinuation of the metal band surrounding the edge of the device
* OLED screen
* 1.5 times the battery life of the current models
* Double the RAM and processing power
* Built-in FM transmitter
* Apple logo on back will glow [please let this be a joke]
* Rubber-tread backing
* Sleeker design
* Built-in compass
* The camera, GPS, compass and Google map combined will identify photo and inform about photo locations
* Turn-by-turn directions
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