What's the latest on the iPhone 5?

Now that the speculation about the Verizon iPhone has been nipped in the bud by a dose of the real thing, the Apple rumor mill is turning it’s attention back to other subjects, including the iPhone 5.

Given the normal Apple product cycle, the next new iPhone model, currently dubbed “iPhone 5,” should be appearing sometime in June, which will put it hard on the heels of the iPad 2, apparently scheduled for release in early April. One brand new rumor is that the iPhone 5 will not have a “Home” button, which is said to be in line for elimination and replacement with gestures. This is something that Steve Jobs wanted for the iPad (no physical buttons), and is apparently coming to the Apple tablet, making it logical that the button would be removed from the iPhone as well.
There has been surprisingly little buzz about changes for the iPhone 5, according to a DailyFinance story. Like the upcoming iPad 2, it is rumored to be getting a slightly faster ARM processor, perhaps dubbed the A5. Perhaps the biggest rumor is that the iPhone 5 (and again the iPad 2) will have “world phone” capabilities, thanks to a Global System for Mobile Communications (GSM) chipset. That incorporates both GSM and CDMA capabilities, of course, and would allow Apple to sell one phone to both AT&T and Verizon here in the U.S. as well as being able to do the same with other vendors worldwide. That would seem to make logical manufacturing sense, especially when teamed up with the same technology as the iPad.
One could also speculate that the iPhone 5 will have an even better back-side camera, with even more features to play with in the photo software. As the iPhone 4 is already an excellent phone camera, any improvements would likely take it to world-class for a cell phone camera. Another feature from the new iPad that could migrate to the iPhone is improved speakers. And, of course, we have already seen the new antenna design become a part of the Verizon iPhone.
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