The iPhone 5 also packs a new Wi-Fi radio which supports 2.4GHz/5GHz 802.11n (no 802.11ac this time around). Apple says that it supports speeds up to 150Mbps.
However, the heart of the iPhone 5 comes from the new A6 processor. Apple didn't get into specifics of how many cores or how fast the cores run, but it says that it has a twice the CPU performance and twice the graphics performance of the iPhone 4S. In addition, the actual A6 chip is 22% smaller than the A5.
When it comes to battery life, the iPhone 5 is rated at 8 hours of 3G/LTE talk time/browsing, 10 hours of Wi-Fi browsing, 10 hours of video, 40 hours of music, and 225 hours standby. Speaking of talk time, the iPhone 5 now includes 3 microphones and a noise-cancelling earpiece. The speakers have also been redesigned.
The rear camera has been rebranded "iSight" and is still 8MP. However, it now features backside illumination, a hybrid IR filter, five-element lens, f/2.4 aperture, spatial noise reduction, and dynamic low-light mode. The iSight camera also now includes a panorama mode, a feature that's been available in iOS apps like Photosynth for quite some time. You can also now take photos while shooting videos.
The FaceTime camera has also received an "HD" upgrade and can shoot in 720p. It also features backside illumination and facial recognition.
One of the other big changes to come to the iPhone 5 is a redesigned “Lighting” dock connector (get it; Thunderbolt, Lightning **golf clap**). The resultant cable used is 80% smaller, reversible, and features an 8-pin design. For those that have many accessories with a 30-pin dock connector, Apple will sell an adapter.