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Faster A7 processor
A new processor is all but inevitable in the next iPhone. Despite the ongoing legal spat between Samsung and Apple, it's still likely that its main rival in the smartphone space will produce the next-generation chip. Exactly what it offers, though, will remain under wraps until the highly anticipated phone's announcement.
Stronger antenna for simultaneous voice, data
A third antenna would support simultaneous voice and data, allowing users to receive emails while they're on the phone. However, following so-called "Antennagate," where a redesigned metal body appeared to cause a dip in cell signal when the iPhone 4 was held in a particular way, Apple may not want to risk any changes to the device's antenna.
Faster system memory
Unlike some phones, the iPhone is quick and responsive, thanks to its powerful memory and processor (more on that later). The iPhone 5 comes with 1GB of system memory, twice that of the iPhone 4S. While the device's memory bandwidth continues to exponentially increase, we can certainly expect faster graphics and on-display response times in the next iPhone.