With the iPad 2 specifications having been released, it is not too hard to guess what the iPhone 5 will be like. Inside you will have the new dual core A5 processor and 1 gigabyte of RAM. The iPhone already has two cameras, but pretty much everyone's flagship now carries an 8MP shooter. Since upping megapixels does not cost much (but also does not translate to better picture quality), we expect the iPhone 5 to move to an 8MP camera at the back too. We might even see a dual led flash. And of course, the iPhone 5 will shoot 1080p video. HDMI out is covered, as the adapter for the iPad 2 will fit in the iPhone's too.
With the iPad 2 now thinner than the iPhone 4, everyone is expecting a thinner iPhone as well. You have to remember that other that the LCD and the battery, the iPad has even less inside than the iPhone. It is not as easy to spread things "horizontally" on the iPhone. Still we do expect the iPhone 5 to be thinner than the iPhone 4. This is in part because we also expect it to have a new higher resolution 4-inch screen. Yes, we do expect HD gaming to be coming to the iPhone 5 to take advantage of the 9x faster graphical processing unit on the new A5. Apple won't let the Tegra boys and girls have all the fun. So a bigger, higher resolution screen, is something that make sense. The new found space of a 4-inch iPhone may lend itself to a thinner iPhone 5, though that might give way to a larger battery to power the more powerful processor and GPU.
While the iPhone 4's storage options of 16 and 32 gigabytes are still current, we expect a 64GB model with the iPhone 5. More storage would be needed with HD games and 1080p video. Apple will want to keep Verizon happy so a CDMA model will be in the works, and with that, we expect to see 4G too.
Where some predictions did not make their way into the iPad 2, with Apple the smartphone, and not the tablet is the technology flagship. Because of this, we do not expect the iPhone 5 disappoint in any respect. Well, just don't expect expandable memory and Bluetooth file transfer. Basically, the iPhone 5 won't be left behind and Apple will gives us a model which can lay claim to being on top of the food chain. We will find out in three or four months. But we really don't expect to be wrong.