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Just better video stabilization and you can take pictures while recording. Based off specs it may seem the same, but we won't know until we can do a side by side comparison.
 
I believe it's pretty much the same camera just captures quicker and has the sapphire cover which is stronger. Otherwise it seems to be the same.

I have a question though (im sticking with my 4S)...will the panoramic mode be in iOS6, or will only the 5 have the ability to do panoramic?
 
It can detect more faces as well. Better in low light and the A6 is a nice boost in image processing, leading to be pictures (naturally).

Also, this is only the rear camera. The front-facing camera is now 720p HD instead of lower quality VGA.
 
My guess is itll look better due to them boosting saturation but overall it will probably be the smallest camera upgrade with all iPhones.

Hopefully with next gen Apple really does something spectacular with the camera (low light, faster shutter, etc) because 90% of my photos are indoor and I've yet to take an indoor shot that isn't really grainy or really blurry.
 
It also is said to have better low light performance and faster shutter speed. If they haven't changed the specs on the lens, the only way to accomplish the faster shutter speed is by reducing the time it takes from pressing the button to the time it actually snaps the photo, and the 4s is already almost instant.

The low light performance will be a welcome improvement. I'm hoping to see better low light ISO performance, as well.
 
It can detect more faces as well. Better in low light and the A6 is a nice boost in image processing, leading to be pictures (naturally).

Also, this is only the rear camera. The front-facing camera is now 720p HD instead of lower quality VGA.

Yes, current front-camera is pretty bad.
 
Also, this is only the rear camera. The front-facing camera is now 720p HD instead of lower quality VGA.

In addition to the video quality being 720p, the picture quality also went to 1.2MP from VGA. Not 5-8MP or anything, but way better than VGA.
 
Only CPU/image processing improvements. Also, video recording was improved, but other than that, nothing new or considerably better. I'd say marginal improvements that will make a small difference.
 
From what I read they are basically just the same

Given that the phone is so much thinner, even if it's the same, it's quite an accomplishment. Even Apple can't defy the laws of physics.
 
Correct answer: No one has done a side by side shot to compare, so no one outside of Apple knows.
 
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