Well, let's see each of the rumored specs and speculate how accurate they could be:
* 32GB and 16GB to replace current capacities. This is quite likely since Flash capacities have continually increased since last year and follows the iPod model in the yearly refreshses. So I consider this a definite YES.
* $199 and $299 price-points to be maintained. Also, likely since Apple likes to stay at an established price point. Also a YES, but I do hold out the possibility of keeping the current iPhone 3G with 8GB available at a lower price point ($129?). This last is more wishful thinking.
* 3.2 Megapixel camera. YES , also on this one as 2.0 megapixels is fairly outdated on cell phones now.
* Video recording & editing capabilities. YES, considering the that iPhone 3.0 OS seems to indicate this capability.
* Ability to send a picture & video via MMS. YES, duh?, confirmed in iPhone 3.0 introduction.
* Discontinuation of the metal band surrounding the edge of the device. Possible, but I doubt that it will just be all plastic. If different colors are introduced, then this would make sense.
* OLED screen. Since no leaks have come about OLED supplies being shortened have not surfaced, I would consider this DOUBTFUL. Would love it though
* 1.5X The battery life. YES, but you need to consider that Apple (like most manufacturers) tend to overestimate battery life in their claims. It would be logical that Apple would claim a batery improvement for this new phone.
* Double the RAM and processing power. YES. Considering that this phone might do video, it would be a necessity.
* Built-in FM transmitter. NO, would not make sense to add another radio to this thing as it already has 3 radios on it (GPS, Cell, Wi-Fi)
* Apple logo on the back to light up. POSSIBLE, all portables light up the logo when on. It's done by using the backlighting, so no additional power is being used.
* Rubber-tread backing. UNLIKELY, even though some high fashion watches use rubber in their design, somehow I feel that this addition would cheapen the look of the phone.
* Sleeker design. OBVIOUS. Since Ive has his hands in the design on this thing, it should be sleeker.
* Built-in compass. YES, iPhone 3.0 seems to indicate this possibility
* Revolutionary combination of the camera, GPS, compass, and Google maps to identify photo and inform about photo locations.YES, I would expect some usability improvements versus what Google's Android implementation has done on the G1.
* Turn by turn directions. YES, confirmed in iPhone 3.0
* July 17th, 2009 release date. I would said yes, but I feel now that Apple might look into buzz on the Pre, before deciding how much time they want to leave that phone by itself.