A source closely connected to Apple's hardware team claims to possess knowledge of the next-generation iPhone's specifications and release date.

The source told iPhone fan blog Apple iPhone Apps that the new iPhone will launch July 17. Many of the provided specifications corroborate with past rumors that the device will introduce a digital compass and a video recorder, among other features. (The source did not provide a photo; the image to the right is from a past rumor report for the sake of comparison.) Here's the list:

32GB and 16GB storage (up from the current 16GB and 8GB models)

$199 and $299 price points to be maintained

3.2-megapixel camera (up from the current 2-megapixel camera)

Video-recording and editing capabilities

Ability to send a picture & video via MMS

Discontinuation of the metal band surrounding the edge of the device

OLED screen

1.5 times the battery life of the current models

Double the RAM and processing power

Built-in FM transmitter

Apple logo on back will glow

Rubber-tread backing

Sleeker design

Built-in compass

The camera, GPS, compass and Google map combined will identify photo and inform about photo locations

Turn-by-turn directions

Overall, if these claims are true, this is a relatively minor upgrade. The most notable new features would be the built-in compass (which appeared in earlier rumor reports), the – video recorder and editor (the current iPhones don't support video recording unless you Jailbreak them), the built-in FM transmitter and the OLED screen (which would improve battery life).

One of the features that sticks out to me is the built-in FM transmitter. I see no compelling reason for Apple to put this in the iPhone, as it is not a feature that users have been demanding, and it hasn't appeared in other iPods.

Another specification I find strange is the OLED screen. That would be a welcome change because it would look nicer than the current LCD screen. But OLEDs are generally pricey, and if the current price points are maintained, I'm not sure if I believe this one.

Otherwise, the rest of the specifications appear not too far-fetched. If the source is simply taking shots in the dark, then most of these specifications are very conservative guesses derived from previous rumor reports.

What do you think, readers? I'm curious as to whether this list of purported specifications is enough to get you to upgrade from a current iPhone. Or if you don't own one, will you buy one if these rumored features turn out to be true? Let us know in the comments below.

I, for one, will be standing in line for Apple's next iPhone this summer whether or not these rumors are true. After all, my iPhone is resting in rice.

Updated 1 p.m. PDT to correct a typo: The current iPhone features an LCD screen, not an LED screen.

Updated 8:20 a.m. PDT to clarify earlier in the story that the source approached Apple iPhone Apps, not Wired.com.

Source Reveals Specs And Release Date of Next iPhone! [Apple iPhone Apps]

See Also:

Photo: MacRumors