The rumor mill has been on an Apple overdrive and much has been said and written about the fabled iPhone 5. Apple, it seems, is unlikely to get any reprieve from the surrounding brouhaha with its next smartphone being scrutinized and dissected to the core. By now, we are all-too-familiar with the features of much-touted 4-inch Apple wonder, but do we know what not to expect from the iPhone 5 and why?

We give you a low down, all the juice, on Apple's new baby whose gestation period seems to be creating quite a furore.

Quad-Core Exynos Processor vs. A5X

The circulating Apple rumors have indicated that the next-gen iPhone will have a quad-core processor. Judging by the past, such assumptions are not a novelty to Apple. In 2011, when Apple was prepping for its iPhone 4S launch, rumors ran amok that the soon-to-be-released version of the iPhone would have a quad-core processor. The release of course foretold a different story as the iPhone 4S eventually included a dual-core chip, the same one as iPad 2.

Apple introduced the A5X, an updated version of the dual-core chip, with its new third generation iPad. Even though the A5X is a dual-core chip, it features a quad-core graphics processor. A high probability exists that Apple will use the A5X over the rumored quad-core Exynos processor. With the iPhone 5 likely to have 4G LTE, it will be at par with Samsung, which released a 4G LTE-enabled Galaxy S3 phone (with a quad-core processor) in Korea. However, whether Apple will be the first to use both technologies - 4G and quad-core chip - in the U.S. remains a big question mark. One may argue that Apple likes to be the standard setter and is a leader not a follower. However, at the same time the company is big on product stability, efficiency, and battery life. Whether the quad-core processor can provide these in conjunction with 4G LTE seems unclear at this juncture.

Screen Resolution Change and Camera Improvements

Apple's Retina Display is undoubtedly amongst the best on offer. Much has been spouted on the 4-inch screen size of the iPhone 5 but the resolution of the phone is still under covers.

Some rumors indicate that the display is1,136 x 640 with pixel density of 320 pixels per inch, suggesting a change owing to the new screen size. The iPhone 5 may also adopt in-cell technology resulting in a a brighter screen and slimmer body. However, it is likely that Apple will not introduce major resolution changes to the iPhone 5 and will stick to the current Retina Display.

Apple's rear-facing 8-megapixel camera on the current iPhone is touted as the best in the business. No surprise then if Apple retains the same for the iPhone 5. Rumors of a slimmer camera have been doing the rounds but there's been no word on camera improvements. However, it is possible that the company may offer some software enhancements.

NFC or No NFC

iPhone 5 may be slimming down to 7.99mm (if it adopts in-cell display technology) but will it pack the much-awaited NFC or Near-Field Communication technology? Several reports have clamored about the NFC chip inclusion and iPhone 5 prototypes have been spotted with the same. The NFC could also work in conjunction with the new iOS 6 feature - Passbook.

However, the Passbook app do not guarantee inclusion of NFC by Apple on the iPhone 5.

The iPhone 4S was also rumored to have NFC on board and it didn't. Moreover, services like Google Wallet are yet to make a significant mark with carriers blocking access to the app on their device. Apple may face similar issues if it tries to pair NFC with Passbook. The biggest hurdle and challenge though would be the paucity of NFC locations, which may well be the deciding factor in bypassing NFC for iPhone 5.

Apple is known to play a waiting game and will weigh out the pros and cons of various features before it unleashes the iPhone 5 onto the world.