It could either be:
- A camera flash
- A second camera for 3D.
It's impossible to tell what Apple'll do, as SJ does what he wants - Blu ray, Flash etc.
However, if it is a second camera for 3D (assuming the screen will be 3D - I know this sounds stupid, but this is Apple - they'll save the 3D no glasses display for iPhone 6
JK) then WWDC's iOS5 preview will be a big giveaway if the iPhone 5 will be 3D. Just like OS X Lion is obviously made for touchscreens.
- A camera flash
- A second camera for 3D.
It's impossible to tell what Apple'll do, as SJ does what he wants - Blu ray, Flash etc.
However, if it is a second camera for 3D (assuming the screen will be 3D - I know this sounds stupid, but this is Apple - they'll save the 3D no glasses display for iPhone 6