What We Know About the iPhone 5

Another major feature which Apple could introduce is Near-Field Communications. Apple started to open up the possibility and potential for the iPhone becoming a "digital wallet" when it announced Passbook, as part of iOS 6, its new mobile operating system.

The Digital Wallet's Future is Now

Passbook is a location-aware app that lets users put their discount cards, gift cards, movie tickets and boarding passes into one app. Apple was recently awarded a patent for Passbook that could expand its uses, and move Apple towards the digital wallet.

Apple's mobile operating system will have more than 200 new features, including Passbook, enhanced support for Siri, as well as Apple Maps, as it removes Google(GOOG) Maps from the phone. There will also be heavy integration with Facebook(FB) , which the company announced at its recent Worldwide Developers Conference.

Apple may bring FaceTime, its video chat software, to wireless networks. Currently, FaceTime on iPhones can only be done on Wi-Fi networks, but with LTE networks the capability for increased use of FaceTime has expanded. Apple announced this as part of iOS 6 for the iPad, and it's a safe bet that the same will happen for the new iPhone.

Many are wondering whether Apple will introduce a new processor with the latest iPhone. Apple announced the A5X chip when it unveiled the iPad, and given its propensity to release the chip, which is designed from ARM Holdings(ARMH) property, in the iPad first, this is an uncertainty.

There is no doubt that the new iPhone will have some of these features, and others that we haven't thought of. There's always "one more thing" to shock, surprise and amaze the Apple audience. We'll find out soon enough.

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--Written by Chris Ciaccia in New York