Here's my list of specs I want:

1080p video recording.
8 Mega pixel camera with Xenon flash and photo light.
Inbuilt Sim card.
Same design like the way they kept Iphone 3G, 3GS the same.
Release it in Silver, White and Black.
True Multi tasking allowing 4 windows in one screen.
Same 3"5 inch screen.
HDMI socket.
FM Radio.
Stereo Speakers.
Facebook app pre installed with automatic updates.
Access to MSN, Xbox Live, PS3 Network, Iplayer to annoy Windows Phone.

Thats certainly a dream list. Why would you need 4 screens in one? And what benefit would it be to have an inbuilt simcard?

Inbuilt sim is a rumoured feature I read. And 4 screens in one for proper multi tasking.

It's not really a dream list. Higher res hd video - possible, better camera - certain, white Iphone - certain, same design - likely.

HDMI and stereo speakers is optimistic. FM radio possible as new Ipod Nano supports it.

I still dont see why you actually want an inbuilt sim? I also fail to understand why people harp on about wanting the highest res cameras available...do you actually find yourself in situations where you NEED 1080p quality video? :S

The iPhone doesn't have an FM radio ?

How about a 3D screen like the on in the upcoming 3DS

Yeah and a virtual reality headset option would be kul as well. Oh and maybe 3d buttons that you can feel when typin' etc. Yeah, sure.

I avoid anything 3D so if they done that I'd switch to another phone.

I can sort of agree with some of this list however a few pointers:

Inbuilt SIM card - rumoured, but not going ahead. No carriers want it and none are supporting it. Therefore Apple won't have any carriers for the phone.

Same design - I would hazard a guess that there will be some changes - due to the Antenna design etc. Perhaps they'll coat it.

1080p video recording - +1 - would be a good feature to have and the hardware should support it.

8 Mega pixel camera with Xenon flash and photo light. - It'll almost certainly have a better camera - I don't think the Xenon flash or capacitor for it will fit in the iPhone's case.

True Multi tasking allowing 4 windows in one screen. - I don't think that would work correctly to be honest - although technically that would be an OS update rather than the next phone.

HDMI socket. - unlikely to happen unfortunately, however a dock-connector to HDMI cable...

FM Radio. - the hardware already supports this (recieve and transmission) however Apple have made it clear this won't happen at the moment. FM's on the way out.

Facebook app pre installed with automatic updates. - nah, the current app is fine

What I'd like to see:
Better camera
Dual Core processor

What I'd like to see in iOS5:
More use of lockscreen (dashboard-like widgets/upcoming calendar entries/weather)
Better UI - similar to HTC Sense would be good
overhauled notification system
quick toggles similar to sbsettings

So do you think it will be another micro sim phone? why no FM though when the new Nano has it? if it's on the way out why put it on the Nano? and who would even have an old Iphone by the time FM has died out..?

I'd love to see a larger memory in the iPhone 5.

32GB just isn't big enough for me.

I reckon they'll stick with the Micro SIM layout.

All iPhones except the original have wireless chips that support FM recieving and transmission however support wasn't built in to the operating system.

It seems Apple may have relented on the integrated SIM idea for the iPhone as the network operators are dead against it. It's likely to happen for the ipad though, as they are non contract.

Can't wait for this.

Contract for my 3GS is running out around the release date of iPhone 5.

I'm sure it will be fantastic once again.

When's that then?

Ability to remove pre-installed aps
Custom tones for SMS
Cheaper price
MicroSD card slot
Drag N' Drop support
Better battery
Much better stereo speakers

Sadly most of these won't happen. It's Apple after all.

Android?

In all likelihood the same time of year as the iPhone, iPhone 3G, iPhone 3GS, & iPhone 4 were all released ...

1080p video recording
won't happen
8 Mega pixel camera with Xenon flash and photo light
won't happen
Inbuilt Sim card.
unlikely
Same design like the way they kept Iphone 3G, 3GS the same.
will be slightly different to iPhone 4, due to antenna problems
Release it in Silver, White and Black.
won't happen
True Multi tasking allowing 4 windows in one screen.
as in a simple UI change? possible I guess
Same 3"5 inch screen
will happen
HDMI socket
won't happen
FM Radio
will happen
Stereo Speakers
possible
Facebook app pre installed with automatic updates
won't happen
Access to MSN, Xbox Live, PS3 Network, Iplayer to annoy Windows Phone.
won't happen

This is all I wanted for the iphone 4, anything in addiotn would have been a bonus. As it is the iphone 4 was my first iphone so I wasn't too disappointed as it was all new to me.

I really don't want to have to think and edit the media that I store on my device. With Airplay now available I want to have a fairly good selection of films available to flick to the TV when needed. As it is now, I have had to filter my music collection down to 320 albums and only have room for about four films. I have around 120 apps, but find most of those have a use from time to time so tend to keep the apps at that level. I also want to keep a gig or so spare for photos and video when I'm out and about as I use the iphone 4 as my main camera ever since I got it.

I need at least 64gb of storage so as not to worry about what I put on there. I would love 120gb plus so I can really go wild and have everything I could possibly ever want. I would like instant access to every single song I own and not just a filtered selection.

I would also like the option to manually sort photos into folders on the iphone itself and the same with e-mails. I want to be able to set up a folder in my e-mail account called 'e-mails to keep' so that I can have these saved outside of my inbox (my 5 year old SE could do that so not really sure why it isn;t a feature on the iphone!!!).

Wireless syncing to itunes is a must. But that is coming and is a matter of ios update rather than new hardware (as is the folder option I suppose).

Sorry but would they keep a 5MP cam when the previous models went 2MP, 3MP, 5MP. 8MP is the only mainstream camera chip for smartphones. There's no 6MP or 7MP ones.

And it will be the same design. There is no antenna problems and they can easily keep the same case.

FM is safe until atleast 2014.

I was mostly referring to the xenon flash as the unlikely part, also increasing megapixels doesn't suddenly increase picture quality - I'd much rather they kept it at 5 megapixels and improved the camera lens...not much point having huge 8 megapixel photos when the lens is of a low quality. The lens of the iPhone 4 is quite good for a phone, so hopefully it'll be improved even further

I doubt the design will be exactly the same. I have an iPhone 4, and it definitely has problems with the antenna.. if you cover the bottom left seam with your hand (as you do when casually holding it) reception tends to drop to 0. I think a change of form factor will be a definite given how publicised these problems have been - If the iPhone 5 has the same design and problems, it could seriously hurt Apple's credibility. Apparently they've been testing/working with liquid metal, if they manage to incorporate that into the next design it should allow the phone to be even thinner but even if they don't, I think that it's extremely likely that it will be a different form factor to the iphone 4.

The lens isn't that great on the iphone.. Firstly the compression on the Jpeg's for iphone is much better than other similar phones. Second it is using one of the new OmniVision back lit sensors which has great noise characteristics and very good colour rendition. Now the same company accounced a new chip for mobiles earlier this year in a similar package size. It's 14.6mp / 1080p @ 60fps video! in mass production about now....

However as the iphone 4s/5 will have been designed pretty much as the iPhone 4 broke cover it's more than likely it will be the same companies 8mp chip that is more sensitive ie better low light images and less noise plus it does 1080p @30fps (it also has electronic image stabilization!!)

The only problem I'd see with that is the Iphone CPU would need a boost.. to handle encoding 1080p video on the fly, even the i4 takes awhile to save 720 sometimes.

As for the Xenon flash there are packages including driver gear that is small enough to replace the LED and it's driver. BUT you'd still need an LED for video so you'd need double the space and i'd doubt they would sacrifice the design look for both.. but it is technically possible for them to do a Xenon flash even if they use the same casing as it currently is!

Thats not even taking into account some of the electronic parts for the iphone 4 could be smaller now due to the natural evolution in miniaturisation over the space of a year or so the Iphone 4 has been on the drawing board/production

I've seen a slightly different way of keeping the design small for xenon flash which is to use little fibre optic outlets on the phones body so no huge reflectors needed and the xenon flash can be located where ever it can be fitted space wise inside the device. Ive seen this in small form factor inspection devices and it works well...... or could be used within a design feature on the body for example make the apple logo on the rear transparent/opaque and stick the xenon flash behind it... Apple Flash

The flash units now a days can be down to 1mm in size and the capacitor drive units around the same size.

There are many options technically, just depends on how much effort they wish to put in to achieve it. seeing as the camera for on the iphone 4 for example only costs Apple 2-3 quid it's not cost causing the issue especially seeing that the iphone has a larger profit margin than other brand phones Based on the non discounting of Iphones and that carriers give apple a cut of the subscribers monthly usage no other manufacturer gets that!

1080p video is heading for LG phones and soon other phones. Apple would be silly not to upgrade whether it's needed or not if the chips are there then use them.