Just a week since the 3rd generation iPad debut and the Internet is abuzz with iPhone 5 rumors. The new iPad features have left everyone speculating as to the features and functionality in the next-gen iPhone, slated for release in Fall 2012.

With rumors abound, my single-most exciting feature rumored for the next iPhone is 4G LTE. Developers who went through the iOS v5.1 coding have uncovered what appears to be the capability to FaceTime over 4G; virtually confirming 4G connectivity on the iPhone 5 (presently FaceTime only works over WiFi).  With mobile devices unilaterally moving toward 4G LTE, there’s no wonder mobile carriers are fighting for spectrum.

In addition to the speculated Retina display, like it’s predecessor sister, the new iPad, it’s likely that the iPhone 5 design will be revamped in some way, into a slimmer and sleeker exterior (check out these awesome iPhone 5 mockups).

If you’ve been reading as of late, you know I’ve talked about Near Field Communication (NFC) quite a bit over the last week; similar to paypass, NFC technology turns your smartphone into an e-wallet, allowing you to pay for anything, by just placing your device within range of a merchant’s scanning device. Will the iPhone 5 have NFC? We hear it’s confirmed.

Last Fall we were super excited for an iPhone 5 release, only to have Apple unveil an iPhone 4S and not an iPhone 5! There’s some speculation the release date of the 5 will be this summer, but based on Apple’s standard operating procedure for product releases, I am confident an iPhone 5 is on its way this Fall. We were spot on with our iPad 3 release prediction, so I’m looking forward to my iPhone 5 upgrade this Fall!

Image [via]