“Apple is putting the final touches on the new and improved iPhone and iPod Touch [sic] to be released very soon. The new iPhone will bring performance and capacity increases. Here is a short guide to its components,” software developer Derek Underwood reports via his blog, derekunderwood.com.

Items listed here are subject to change but are likely to be accurate. Note that this is not official information provided by Apple.
• CPU: The new iPhone will have a CPU that is faster than the current CPU in the iPhone 3G and iPod Touch

MacDailyNews Note: Damn. We were hoping for slower.

• Memory: The new iPhone and iPod Touch will have a larger amount of system memory
• Concurrent Apps: An increase in CPU speed and system memory will allow more than one app to remain resident at a time.
• Sandboxing Shared-Space: Apps will remain sandboxed from each other and from the system apps. However, the new iPhone platform will provide for shared-space to be used by any application
• Substantially Improved Battery Life: Utilizing technologies most recently on display in the 17″ MacBook Pro
• Form Factor: New iPhone will look slightly different but will be a similar size overall
• To-Do Sync for MobileMe
• Safari 4 and Cover Flow
• Cut and Paste with system-wide “clipboard”
• Pricing: Users with existing iPhones will be given the option to upgrade before their contract expires with a reduced rate for the new iPhone
• Camera: The new iPhone will have an improved camera and will allow third party apps to access the camera and will allow for video and not just still photos

More details in the full article here.

[Thanks to MacDailyNews Reader “seaplaner” for the heads up.]