Chinese networking site Weibo posted a photo showing the Apple A5 system-on-a-chip (SoC) used in the iPad 2 nestled into what appears to be a next generation iPhone logic board. The logic board is connected to a white iPhone 4-like front cover with a speaker mesh that looks slightly larger than that of the official white iPhone 4.
The image also shows a slightly larger battery running at 1430mAH compared to the current iPhone 4 battery running at 1420mAH despite both batteries carrying the same model number.
It's still up in the air as to whether Apple will release the iPhone 5 next to a cheaper iPhone 4S-style model, but the photo certainly suggests an expected specifications bump with an iPhone-4 like form factor.
As to this specific picture, some of the aspects of the image seem fishy to us. For example, the A5 logo stamped onto the chip itself looks rather suspect, so as always take this with a processor-sized grain of salt until we get the official word.