The long-awaited iPhone 5 has made its "appearance" - as a codename in Apple's internal inventory system, as the iPhone N94. This N94 device is most likely to have Apple's dual-core A5 processor and probably an 8MP camera, 1GB of RAM, Nuance Dictation speech-to-text and additional voice recognition features.
There is now speculation that the iPhone 5 will be available to consumers in three storage capacities; 9to5Mac suggests that users should expect 16GB, 32GB, and 64GB models of the iPhone 5. There have been reports from manufacturers that Apple was working on a 64 GB version of the phone, similar as far as storage capacity is concerned to the iPad.
Previous reports of 8GB, 16GB, and 32GB capacities for iPhone 5 should not be totally disregarded yet. However, the recent appearance of another SKU in Apple's inventory system, under the codename iPhone N90A (that is thought by pundits could point to an 8 GB iPhone 4), may mean that an 8GB iPhone 5 as well is unlikely.
The unnamed source who spoke to 9to5Mac also claims that the new iPhone will be available in both black and white for each of the capacities. We don't have to wait long to find out with the iPhone announcement by new Apple CEO Tim Cook coming tomorrow.