While the release date of the iPhone 5 is still up in the air, there has been a lot of speculation about the various features the fifth version of the Apple smartphone may have.

For starters, the phone might have an 8-megapixel camera. The highly buzzed about Samsung Galaxy S II reportedly has the impressive photo feature. Tech experts say it would be a shame if the iPhone 5 fell short. According to the Wall Street Journal, Apple ordered 8MP sensors from Sony. The sensors were reportedly delayed but the order seemed to prove that Apple hopes to deliver top-notch pictures.

In addition to the fancy camera feature of the iPhone 5, another feature tech gadgets can look forward to is high-speed Internet known as LTE Support. LTE is uber-quick broadband in the U.S.

Industry insiders are expecting the next Apple iPhone to completely change the game of mobile communication. Rumor has it that the iPhone will provide 100 Mbps downstream speed and 50 Mbps upstream speed.

With better Internet comes improved processor and memory. The fourth generation iPhone works on a 1 GHz processor. The fifth generation which will most likely be upgraded to a 1.2 GHz dual-core processor.

Space is another highly anticipated feature of the iPhone 5. The smartphone is expected to come with 1 GB RAM and 128 GB storage along with the availability of 64 GB of Cloud storage for data, and wirelessly push all of it to different iDevices.

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Likely features of the iPhone 5 include a wireless synching with iTunes, a bigger screen, extended battery life and video conferencing. The screen size is expected to be 3.7 inches, which is slightly bigger in comparison to the iPhone 4.

The super Apple smartphone is expected to debut mid-2012. The prototype for the iPhone 5 is most likely to be shown off at Apple's worldwide Developer Event (WWDC), which usually takes place in early June.