In a remarkable discovery (which may end up getting someone fired), the next-generation un-announced iPhone was found in a bar.
To sum up it’s changes:
Rear Camera with flash and larger lens
Micro-SIM instead of regular SIM card
Improved display (probably 960×460)
Possible second mic for noise cancellation
Volume buttons are separate
Metallic other buttons
Slightly smaller screen than the iPhone 3GS
Other details are hard to come by as Apple killed the OS since it was lost. It was found inset in a case that looked like the iPhone 3GS.
Read more at Gizmodo