The recent rumors about the anticipated new iPhone 2009 paint a picture of a new device that is an upgrade, but not a major leap or even a revolution.
The rumored features of the new iPhone predict improvements like 3.2MP camera, video recording and HSDPA. Many other phones already have these features.
Of course Apple already showed us the new iPhone 3.0 OS with its 100 new features. That is all neat and all, but what is with Apple's acquisition of chip designer PA Semi in 2008? Could the new iPhone 2009 have a new powerful CPU and GPU that would put it way ahead of the performance of what BlackBerry or Windows Smartphones offer? There have been some rumors about an iPhone 2009 multi-core CPU in early January.
The current iPhone operates on the upper limit of the hardware. The new iPhone definitely needs some more power. Apple's heavy push into the portable gaming segment also requires more graphic power.
I'd love the idea of a very powerful computer in my pocket in the shape of an iPhone.

Apple still faces stiff competition from BlackBerry as they sell their phones like hot cakes as well. Nobody knows yet how the Palm Pre will do when it goes on sale. I am not sure if Apple can just upgrade the iPhone or needs already to revolutionize it to fend off the competition.
More iPhone 2009 Rumors and News. Update: Top 10 New iPhone 2009 Rumors.