Apple iPhone 5 is the most anticipated smartphone of 2012, and probably of 2011 too. The device is likely to hit stores at some point in summer or fall. Each day, some new rumors are added to iPhone 5 rumor mill. Apple fanboys are expecting cutting-edge hardware and software features in iPhone 5. Here is a rundown of features that the upcoming Apple flagship model is expected to boast off.

4-inch Display

Many people have speculated an increase in the size of the screen, assuming that Apple will remove the void around the screen to feature an edge-to-edge display in iPhone 5. According to Wall Street Journal, Apple has ordered 4-inch retina displays from its suppliers like Sharp and LG Display. If these rumors are to be believed than iPhone 5 will feature a 4-inch retina display with 720p HD resolution.

iOS 6

We do not know about iPhone 5, but Apple is all set to unveil the next installment of its mobile operating system at WWDC 2012. The new OS is expected to bring some innovative software features to iGadgets, including a new 3D mapping service in the plans.

4G LTE

4G LTE on iPhone? Yes, the new iPad features 4G LTE supports and it makes no sense that Apple will not equip iPhone 5 with LTE radios. We are pretty sure that iPhone 5 will be 4G LTE compatible.

NFC

Apple is expected to bring mobile payment features to the next iPhone. Earlier this year, Apple won patent for its iWallet app that could see the day of light in the upcoming iPhone. iWallet is Apple's answer to Google Wallet.

Other Features

Siri - the virtual assistant - is also getting updated and possibly this time Apple can throw the "beta" moniker out of it. A new notion is also hitting blogosphere, indicating OLED flexible display in iPhone 5. It is certainly a ground-breaking technology, but we don't think that the new tech is ready yet. Rumors about quad-core A6 chipset are also high.