AppleInsider is hearing that Apple is looking to acquire LED flash camera components for the 4th generation iPhone, assumed to be announced this June/July during their WWDC event, and perhaps it's iPhone touch G4 which would come later, in September:

People familiar with Apple's initiative claim the electronics maker is seeking allotments of LED camera flash components in the tens of millions for delivery during the 2010 calendar year, meaning future iPhones -- and possibly the iPod touch -- are the most likely recipients of those parts, due to their sales volume. Those same people say that Philips' Lumileds Lighting sector is believed to be the front-runner for Apple's business and may have already secured the design win.

The Amsterdam-based firm is well-regarded for its LUXEON LED camera flash technology, which was the first to combine the brightness of regular lighting with the long life and small footprint of LEDs. The technology is commonly coupled with 5+ megapixel cameras and has seen shipments of over 200 million units worldwide.

LED flash would be a competitive move for Apple, since HTC, Nokia, and other manufacturers have been delivering better and brighter versions with each iteration. Now, whether it would be incorporated into a "Glowing Apple Logo" or not remains unknown ;)