iLounge reports that they've been told the next generation iPhone will come in two storage capacities (we'd guess 16GB and 32GB) and three radio flavors, 3G, 3.5/3.75G, and China CDMA. Consumers won't be able to choose which radio model they buy, each carrier in each local region will simply offer the one that best suits their network. Some choice in color -- black or white? -- should remain.
The design is said to be roughly the same with the exception of a new, more scratch-resistant matte finish for the back plate, which has been rumored for a while now.
And no, unfortunately, Chinese CDMA won't run on Sprint or Verizon in the US. Different frequencies.