Here's the full list of updates reportedly leaked from a source very close to the unit's manufacturing:

• 32GB and 16GB to replace current capacities
• $199 and $299 price-points to be maintained
• 3.2 megapixel camera
• Video recording and editing capabilities
• Ability to send a picture & video via MMS
• Discontinuation of the metal band surrounding the edge of the device
• OLED screen
• 1.5 times battery life
• Double the RAM and extended processing power
• Built-in FM transmitter
• Apple logo on the back to light up
• Rubber-tread backing
• Sleeker design
• Built-in compass
• Combination of the camera, GPS, compass, and Google maps to identify photo and inform about photo locations.
• Turn by turn directions