Less Glass, more Gas?
The iPad 2 won't launch for another day, but already the world is hankering for more of that sweet, sweet dual-core A5 processor. The original iPad processor- the A4, is also the processor in the iPhone 4. So it stands to reason that the iPhone 5 will roll with the same processor as the iPad 2. While Apple never speaks to rumors, there is evidence to support this suspicion.
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Developers fiddling with iOS 4.3 have tracked down information in the code that identifies the iPhone 5 (N94AP) as packing an S5L8940 (A5) processor. So there's some evidence (indirectly) from Apple that the iPhone 5 will pack two cores.
The main reason to doubt a dual-core iPhone centered around battery life. Apple is all about the experience, and a minor (to the end-user) bump in speed isn't really worth a significant loss in battery life. But the iPad 2 has equal or better life to the iPad. It isn't unreasonable to expect the same feat from the iPhone 5.
Another particularly virulent rumor concerns the iPhone's glass back plate. It appears that Apple is considering replacing it with an aluminum back. This will make the rear easier to paint and allow Apple to make a lighter phone. Don't get too caught up in this rumor though- there are reasons for doubt:
The iPhone 4 was itself a major overhaul of the iPhone form-factor. It seems unlikely that Apple will change everything again with the very next generation. That said, a different body would make those rumors of a white iPhone 5 all the more plausible.
The iPad 2 launch makes it all-but-certain that AT&T and Verizon versions of the new iPhone will be available upon release. It is worth noting that the Verizon iPhone has worse download speeds than other devices on their network. Independent reviewers have rated it as slower, but more reliable, than the AT&T iPhone. Verizon recently won the Top Carrier award for Call Quality, which is worth noting if you actually use your phone to make calls.