iPhone 5: Your Cheat Sheet to All the Juicy Apple Rumors

With summer just around the corner, and Apple’s (NASDAQ:AAPL) annual Worldwide Developers Conference (WWDC) set for June 6, everyone is speculating about whether Apple will be introducing the iPhone5.  In the past, Apple has introduced new and improved versions of the iPhone each year in July.  If that pattern keeps up, they would likely have a completed new model to show at WWDC.  Here are just a few of the rumors about what we might expect:

Hot new body: The newest iPhone is rumored to resemble the iPod touch more than the iPhone 4, thinner than the current version, possibly with a teardrop shape like the MacBook Air, where it goes from thick to thin.  The glass back may be swapped out for a metal back that works as an added antenna, and we might soon be playing Angry Birds on a 4-inch display. We might also be looking at the first white iPhone.

Cheap: Rumor has it that a prototype of a smaller, cheaper iPhone has been around for a while.  The Wall St. Journal claimed we should expect an iPhone nano, but the New York Times says the rumors are untrue.

Health and longevity: The new iPhone will likely have a longer battery life and increased performance, and should do away with design flaws of earlier models (like the iPhone 4 antenna problems). Rumors also include a 1.2Ghz processor (possibly dual-core), more memory, and more storage.

There are also less substantiated claims about what the new iPhone might contain, such as voice control that will convert your speech into text for SMS and e-mail messaging, an 8-megapixel camera, and the ability to use FaceTime over your cellular network — AT&T (NYSE:T) or Verizon (NYSE:VZ) — instead of just using Wi-Fi as is the case with the iPhone 4.

No matter how small, these are all interesting developments which will keep other smart phone makers — Google (NASDAQ:GOOG), Research in Motion (NASDAQ:RIMM), Nokia (NYSE:NOK), Motorola (NYSE:MMI) — racing to keep up with Steve Jobs’ umpa-loompas.

Now that you’re excited, here’s the bad news.  In the past, Apple has chosen to opt out of a full upgrade and instead make minor improvements to the existing OS, as was the case when the iPhone 3G gave way to the 3GS . Furthermore, the release of the new iPhone could be delayed, like so many other productions, by the Japanese (NYSE:EWJ) earthquake last month.

Still, there’s no doubt we have plenty to look forward to in the next couple years as Apple (NASDAQ:AAPL) continues to improve upon their products. What would you like to see? Leave a comment below.