The iPhone 5 (or 4S)

Rumors have been spreading about the next generation iPhone, which is due out sometime this year. While many people are anticipating it this summer, since Apple tends to release a new phone in the summer, many reports are now saying it could be later in the year, like September.

The only Apple phone for Verizon users is the iPhone 4, which just came out for the popular carrier last February. Tech sites like eWeek.com suggest a new smartphone from the company may be on the Sprint and T-Mobile networks, but there is no word on when Verizon might acquire the new one.

Why is the new phone a big deal?

Aside from minor cosmetic changes and probably a better camera (as if we need more bells and whistles on the phone) the next iPhone is expected to use the HSPA+ [Evolved High-Speed Packet Access] technology, which is basically a technical way to say 4G. Most phones out today use 3G, including the iPhone 4. Even though 4G is said to be significantly faster, it is still an unproven network, being relatively new.

Apple COO Tim Cook said in an interview with CNN that customers just wanted an iPhone on Verizon, so they did what they needed to do to make that possible. The fact that it wasn’t a 4G phone wasn’t as much a priority—and the way the phone as been selling, apparently it didn’t really matter.

By launching an iPhone with 3G first, Verizon may be playing it safe in anticipation of an upgraded phone later, one analyst said.

“We have a tremendous 3G network,” Verizon Wireless CEO Dan Mead said. He said Verizon hasn’t identified a problem with the antenna, which plagued the AT&T model, on its version of the iPhone.

Will there be more features we don’t need?

You bet. The latest reports talk about an updated camera module for the fifth generation iPhone that does not contain an integrated flash, giving reason to believe that the flash may be in a separate location than in the iPhone 4.

A few photos released recently showed mockups of the LED flash. The pictures showed the flash on the opposite side of the actual camera module.

Perhaps one day your phone will also be an SLR camera? (I think I am joking?)

Hopefully Verizon (as well as the other carriers) will give us a release date soon for the new iPhone. We know they have to be looking at the new product with dollar signs in their eyes.