Apple’s much anticipated iPhone 5 has been the subject of so many rumors. Apple has so far confirmed very few details, so what do we really know so far about the iPhone 5?

The upcoming iPhone 5 is almost certain to support mulitple networks, including CDMA (such as the one used by Verizon or Sprint in the United States) and GSM (which is used by AT&T and T-Mobile in the U.S.). This would allow the phone to able to operate in most countries around the world. It should also mean that it’s much easier for users to be able to roam between networks.

There have already been suggestions that the new iPhone will have a larger screen than previous iterations. Despite some early reports that the iPhone 5 would have a display screen over 4 inches, it looks as though those early proclamations were a little premature.According to a report by 9to5Mac, it would appear that the screen size will be closer to 3.7 inches. Samsung Galaxy, a rival to Apple’s smartphone has a screen size of 5.3 inches, but at present, it’s looking like Apple won’t be as large.

This is a pretty obvious statement, but the next generation will come with iOS5 installed. Take a look at our previous article on the iOS5 features and functionality.

An article from Forbes indicates that Apple won’ have a 4G handset before 2012. New Apple CEO Tim Cook said “The first generation of LTE chip-sets force a lot of design compromises with the handset, and some of those we are just not willing to make”

It’s been rumoured that the next generation iPhone will include the ability to pay for goods wirelessly. Near Field Communication (NFC) will allow users to swipe the phone near an NFC reader and pay for goods and services. The NFC terminals are already in use by some of the largest stores in the UK, including McDonalds and supermarket giant Tescos. With Google entering the field with Google Wallet and a host of US stores also looking to include the option of NFC, it wouldn’t be surprising if Apple offered this service in some capacity.

The Wall Street Journal says that the new iPhone will be thinner and lighter than previous versions. According to the article, “Apple has ordered key components for a new iPhone it is aiming to launch by the end of September, said people familiar with the situation.”

Well, it looks as though the September release date was wrong, but it would be incredibly surprising if Apple made their handset heavier. File this one under “obvious”

All reports point to an improved camera on the iPhone 5. The new phone is said to have an 8 megapixel camera. It is thought that the phone will support Full HD 1080p video recording. The current iPhone has a 5 megapixel camera and is capable of shooting HD video at 720p.

The rumor is that the next generation iPhone will include a gesture home button that will enable users to easily flip between tasks. The gesture home button would be a welcome addition and should enable even greater use of the phone’s full capabilities.

Apple’s acquisition of Swedish facial recognition algorithm specialist Polar Rose has led many to believe that Apple will include the option for developers to include facial recognition aspects in their applications. One likely use for the software is to use facial recognition as a log-in for various sites and can act as a business card for an individual. It might also play some part in Apple’s social network.

An Apple patent revealed that the iphone 5 and iOS5 is set for its own social network platform. Users of the service will be matched by common interests and experiences depending on their location to one another.