iPhone 5 to be introduced in September With Faster Chip, Advanced Camera

A5 processor, the same chip used in the iPad 2, along with an 8-megapixel camera. iPhone 5 would operate on the iOS 5 operating system recently launched at the developer’s conference. The iPhone is Apple’s top seller, accounting for half of revenue last quarter.

Apple is also planning cheaper version of the iPhone for customers of developing countries.