Bloomberg just announced yesterday that it's releasing this fall and will have an 8mp camera instead of 5. It will also use the a5 processor that the iPad uses so it will be much faster, other than that not much was said about it.
Everything cb8016 stated is true. The WSJ announced Monday all of that plus it will be 1/2 as thin as the iPhone 4. The article stated that Apple will have 250,000 iPhones ready for sale sometime in September. The WSJ has been 100% correct every time they speak out about new Apple products over the last 5 years.