Here are some rumored specs:
*A new 19 pin mini connector/charger port that will replace the current connector used on a number of existing Apple Products.
*Larger iPhone screen and slimmer overall
*Better 8mp camera that allows FaceTime in HD
*The device may also include mobile payments capabilities that are believed to have been created to be compatible with the ios6 Passbook feature that enables users to store e-versions of receipts, tickets, and other information from companies and merchants.
And, yes, there is also an iPad mini rumored for release this fall that will be smaller, less expensive and the gadget is believed to run Siri on it as well.