Supposedly the 5C will nearly be identical to the 5 as far as hardware and internals, even the camera is supposed to be the same as the 5. It's a cheaper option, so it won't be as good of an upgrade as the 5S, obviously.
Here is an excerpt from an article on Phone Arena, regarding the 5C:
It is believed that the iPhone 5C will be very similar to the iPhone 5 in terms of hardware. That means it is going to have the same 4-inch LCD display with resolution of 640 by 1136 pixels, a dual-core Apple-made SoC backed by 1GB of RAM, and an 8-megapixel auto-focus camera with a single LED flash. A 1.2MP cam for selfies should also be present. Storage space will be internal only, as always, with either 16,32, or 64 gigabytes at the user's disposal. No word on battery capacity yet, but the iPhone 5C battery isn't likely to be much larger than the 1440mAh cell currently used in the iPhone 5.
Basically a polycarbonate iPhone 5. I think a lot of teens (who on average, dont buy their own phone) will get the 5C.
