Photo of purported iPhone 5 posted; iPhone 4 now $50 at Best Buy

So it seems we're now in the phase of the rumor mill when purported photos begin to appear online. Business Insider has posted front and back photos of an alleged iPhone 5 that originated from a Chinese case manufacturer claiming to have one of the phones in hand. The phone appears to match the rumors we've been hearing, with a taller screen and the front-facing camera located in the center. There have now been a couple rumors suggesting that the launch will be in September, with one rumor specifying September 21. 

Of course, there have been tons of rumors about the various features in recent months, and has helpfully catalogged them for you. While many of the features are familiar, there are some listed here that I hadn't seen before. The article says that the camera may use the new back-illuminated CMOS sensor that Sony introduced earlier this year that improves image quality by increasing the sensitivity to light. In addition, this new technology would make the camera smaller, and hence take up less space in the phone.

Overall, the article is an excellent overview, discussing features such as the processor, the likelihood of an NFC chip, the expected LTE data speeds, the possibility of a nanoSIM chip, the expected mini dock connector, and more.

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Meanwhile, a number of blogs are reporting that Best Buy has dropped its price on the 8GB iPhone 4 to $49.99, down from the previous price of $99.99. This includes both the GSM and CDMA flavors of the phone, meaning that the phones will work with AT&T, Verizon, and Sprint. Since the website doesn't say this is a temporary reduction, it seems that it's the new price for the phone.

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Jim Karpen holds a Ph.D. in literature and writing, and has a love of gizmos. His doctoral dissertation focused on the revolutionary consequences of digital technologies and anticipated some of the developments taking place in the industry today. Jim has been writing about the Internet and technology since 1994 and has been using Apple's visionary products for decades.