iPhone Video (or) iPhone V3 ?

There are people who are saying that the new iPhone will be named iPhone Video and equal number of people saying that it will be named iPhone V3 where V3 might stand for either Video 3G/Version 3.

We can say that there is going to be a release of the next iPhone series as said in the saying ” there wont be any smoke without a fire” as the number of images and speculations going on about the phone are just the proof and the leaked images of the new iPhone with a video recording and a front cam have taken the iPhone expectations to a whole new height.

According to TUAW the new iPhone would be called the “iPhone Video”
Then it was the turn of iSpazio which said that iPhone comes with a front mounted camera which makes video calling possible as seen in this image

We can see that there is a small LED green light in the front like that of a mac camera in the front above the screen, so there are chances of transferring those features into this.
There are rumors in the air that there is also a separate button on the right side of the phone for the camera which is useful when the phone is used horizontally or landscape mode.

And there is another site AppleiPhoneapps.comwhich is new but claims to have got a close friend in Apple hardware dept, they are stating the following 16 specifications for the upcoming iPhone:

1. 32GB and 16GB to replace current capacities
2. $199 and $299 price-points to be maintained
3. 3.2 Megapixel camera
4. Video recording & editing capabilities
5. Ability to send a picture & video via MMS
6. Discontinuation of the metal band surrounding the edge of the device
7. OLED screen
8. 1.5X The battery life
9. Double the RAM and processing power
10. Built-in FM transmitter
11. Apple logo on the back to light up
12. Rubber-tread backing
13. Sleeker design
14. Built-in compass
15. Revolutionary combination of the camera, GPS, compass, and Google maps to identify photo and inform about photo locations.
16. Turn by turn directions.

So finally after all this gossip about the new iPhone we have to just wait and watch the original thing to come out either on WWDC or in an Apple release.