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Galaxy Note 4
The fantastic Galaxy Note 3 was released last year and remains a great device to consider even today. Samsung usually takes some of the specs from their Galaxy Sx smartphone and then offers improvements in their following Note device.
The Note 4 rumors indicate it may have specs even higher than the other flagships should have, including 4GB of RAM. It may have an Exynos 64-bit processor or Snapdragon 805. In addition, the Note 4 is likely to have the heart rate monitor and fingerprint scanner from the S5.
Various rumors also indicate metal construction, 5 megapixel front facing camera, 3,600 to 3,800 mAh battery, and eye scanner.
Updated Moto X
One of my favorites from last year, the Moto X, did not have the highest end specs when it launched, but it had amazing Motorola customizations and was optimized for the internal hardware. The next version looks like it may also not have the highest-end specs, but will likely still be an excellent choice with a compelling form factor.
Rumored specs include a 5.2 inch 1,920 x 1,080 resolution display, quad-core Snapdragon 800, 2GB of RAM, 12 megapixel camera and 32GB of internal storage with no microSD card slot.
Google Nexus 6
The Nexus 5 is not that old, but Google is on a yearly cycle like Apple so it is likely we will see a Nexus 6 in time for the holidays. CNET posted a story about an Android account tweet that had the rumor mills stirred up. Google I/O is coming up in a couple of weeks, but I highly doubt any Nexus hardware will be revealed with the focus on Android Wear.
The Nexus models don't always have the best specs, but Google did a great job with the Nexus 5 and it was a competitive device that sold for a very low full price. I can't find any information on the specs, but if we do see one it is likely to have the 805 processor, 3GB RAM, and an improved camera.
There is also talk that we will not even see another Nexus device, but Android Silver in early 2015. Maybe we will get some indication of the Nexus future at Google I/O.