The source told iPhone fan blog Apple iPhone Apps that the new iPhone will launch July 17. Many of the provided specifications corroborate with past rumors that the device will introduce a digital compass and a video recorder, among other features.

32GB and 16GB storage (up from the current 16GB and 8GB models)
$199 and $299 price points to be maintained
3.2-megapixel camera (up from the current 2-megapixel camera)
Video-recording and editing capabilities
Ability to send a picture & video via MMS
Discontinuation of the metal band surrounding the edge of the device
OLED screen
1.5 times the …