The person who chose to share this information with us calls it the ‘iPhone 4S’, though the device itself only has typical Apple prototype nomenclature. He also shared that the device spends its evenings in a safe in the company’s offices.
Apparently it's otherwise identical to current iPhone 4, albeit with a special version of iOS 4 to support the dual core Apple A5 chipset and it's 2x processor and 9x graphics performance boost.
Whether or not iPhone 5, expected to launch this fall, keeps the iPhone 4 form factor (like the iPhone 3GS kept the iPhone 3G form factor) remains unknown. An A5 version of the iPod touch should theoretically launch at the same time.
Given how Infinity Blade, Dead Space, and Real Racing 2 HD look on the A5-equipped iPad, Nintendo and Sony should be very, very afraid.