64gb flash
redesign or some type of fix with the antenna
faster specs
improvement in camera quality
On Verizon
Honestly iPhone 5 isn't going to be a big deal in improvements, you will see a better upgrade in the iPhone 6th generation.
So if you have the iPhone 4, stick with the 2 year contract and when the 6th generation comes out, you will get a worthy upgrade.
Heres what I believe we will see in the 6th generation
-3.7" or 4" screen size. Unlikely. With Apple portable device screen sizes stay the same whilst resolution goes up.
-10MP camera. Unlikely...8 maybe. The current camera is one of the best in class right now even at 5MP. Most likely the front facing cam will be bumped to 2.0MP or 3.2MP too
-4G. Will depend on carrier progress/implementation status
-Slimmer. Highly probable
-Maybe an Super OMLED Retina display. Nope, if anything they'll downgrade to TN based retina displays like those shipping in the Touch.
-Wireless syncing (this could as well be done with software update and be on the previous gen iPhones but it will be announced along with the new iPhone 6th gen). They'll point you to Mobileme.
-Very fast processor. Probably A4(5?) based on Cortex A9MPCore.
-1080P video. Doubt it, likely to be too much bandwidth even for 2012
-Facetime on 4G. Maybe, again depends on carriers.
-Home button now is a SIDE button so apple can utilize the front of the iPhone for more screen size. No. iPhone...not BlackBerry with jog dial.
-A physical camera button. Hahaha...no, not whilst steve/johny ive are still there
-Liquid metal enclosure. Probable
Anymore you can think of let me know.
See comments in bold.
It'll be upgraded in parts that are linked to money making for Apple i.e. iTunes apps. So faster CPU, more memory, more storage, better GPU, larger battery. Then the goodies from the goody bag i.e. slimmer design, and two or 3 new features in the OS department.