More than a year after Apple unveiled the iPhone 4, the company will announce a new version of the iPhone at a special event Tuesday; many are expecting the unveiling to be the iPhone 5.

Some of the questions to be answered tomorrow morning in Apple`s "Let's Talk iPhone" event are related to how much of an update it will be. Some rumors believe the new iPhone could represent a simple tuning of an already tried-and-tested device, and others believe it could result in something completely new?

The biggest of changes expected will be the inclusion of Apple`s latest iOS mobile software, the iOS 5. The new software will include device setup and content synching and beefed-up camera, e-mail and Web browsing apps.

Users of the new software will be able to send text messages to each other through a new service called iMessage over Wi-Fi or wireless carriers' data networks.

Another service is a folder called Newsstand, which will corral newspaper and magazine app subscriptions in one place to make it easier to find them. It is believed that the new software will also be available for Apple's iPad, iPhone 4 and 3GS and the two most recent generations of the iPod Touch.

A new iPhone is also expected to include an iCloud service that ferries data between devices and stores device backups in the cloud. It will store content such as music, documents, apps and photos on Apple's servers and let users access them wirelessly on numerous devices.

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Regarding the hardware, a new iPhone will probably look similar to the iPhone 4, but with a bigger screen and may also be thinner, according to CNET News.

Inside it will include a more powerful chip, a dual-core processor and 8 megapixel camera, a “World Mode” functionality, speedier HSPA+networking technology and possibly a new option for 64 GB of built-in storage.

The upgraded device will mark Apple’s CEO Tim Cook’s first major product launch since taking over from Steve Jobs in August. Reports say Cook would be giving the presentation at this year’s iPhone announcement event and it is unlikely that Jobs will make a surprise appearance.