Here are the highlights of the rumours and informed debate we've been tracking over the last few months:
3G iPhone could cost just 100
There has been speculation that the 3G iPhone could cost as little as 100. Sources claim that Apple will allow operators to subsidise the device for the first time, which would make it more affordable, down from the 269 cost of the current model, and would help Apple reach its sales goal of 10 million iPhones by the end of 2008.
There is also speculation that something resembling an iPhone Nano, using 2G technology, may be released at a cheaper price alongside the 3G unit.
Retailers stock-dump the 8GB iPhone
The shortage of 8GB iPhones triggered by discounted sell-offs at O2 and Carphone Warehouse stores in the UK, and AT&T stores in the US, is likely due to the fact that the 3G iPhone will be released soon. Apple and its partners are keen to clear inventory from the supply chain rather than be saddled with a warehouse full of last year's technology.
It could, however, simply be a problem with manufacturing or that Apple is preparing to announce something like a 32GB 2G iPhone.
3G iPhone to get new look
Predictions for the 3G iPhone include a physical QWERTY keyboard.
The iPhone may look more fashionable, including different coloured casings, similar to those used on the iPod Shuffle. Other reports suggest the new iPhone will be completely black, getting rid of the metal on the back, and that the volume buttons will be chrome.
3G support and GPS added to new iPhone
Most of the rumours surrounding the new handset point to the inclusion of a GPS receiver, married to either Google maps or an Apple-branded mapping application.
The new iPhone may give you the ability to edit documents, which would be another reason for a hardware keyboard to be added. There may be instant messaging as well, most likely iChat.
The iPhone will not be exclusive
The 3G iPhone may be sold on a non-exclusive basis, so claims Italian newspaper La Republica. Currently, the iPhone is sold in each territory by one specific provider. If Apple does decide to broaden the availability of the product, that could also push prices down.
iPhone is coming sooner rather than later
Combining the shortage information, as well as a statement that O2 and Apple are planning to make an announcement in the "coming weeks," many are speculating that the 3G iPhone could be on sale in the UK far sooner than expected. It has also been just under a year since the release of the original iPhone, with many saying now's the time for a new version.
The iPhone is coming later rather than sooner
One of the biggest arguments for an apparent delay on the iPhone is that fact that Apple is not providing international media with access to the keynote video feed, like it would normally for a significant product announcement like the iPhone.
Some argue that the iPhone just isn't ready, or that it may be subject to its own dedicated event sometime in the next couple of weeks.
