My understanding is the new iPhone is slightly faster with a better camera. The video capability is supposed to be much better with higher res and better frames/sec rate. I'm sure they have improved the antenna from the 4, which was a problem. I haven't read too much into it, but I'm pretty sure these new iPhones are also equipped with a NFC chip which will allow you to use iWallet to pay for things with your phone rather than a CC. Some of the Andriods have had them for months now, but people are saying there will be no use for those plastic cards down the road and this technology is the future. Or you could just wait until 2013 like me when they come out with a better version of the 5 without all the bugs of the first model.