Refreshed internals, lower price point possible.
Next Generation iPhone: 7.2Mbit, Video Camera, More?
First, there were spottings of new Apple device IDs found embedded within the iPhone 3.0 firmware. Silicon Alley Insider then claimed that the next iPhone would come with "much faster internet". Finally, AppleInsider said that the new iPhone would indeed have a video camera, supporting evidence of video publishing screenshots also found in iPhone 3.0.
It's not surprising that the number of leaks is increasing as Apple does have to keep their carrier partners at least somewhat informed heading into a new release. We've also continued to hear unconfirmed whispers and have specifically heard that the new iPhone with support a 7.2Mbit chipset.
Another interesting possibility is that Apple may have settled on the Marvell PXA168 ARM chip as the heart of a future device. Some unconfirmed claims point to Apple buying up supplies of this chip which is reportedly also due in the July timeframe. The Marvell PXA168 CPU was announced in January of this year and aims to provide "entry-level laptop" capabilities to consumer electronic devices.