A new report from Bloomberg today sheds light on a number of long-simmering rumors related to the expected fall release of Apple's newest iPhone. Compounded with previous reports about the device, we're starting to get a better picture of what it might offer. Here's the latest intel on the iPhone 5

Timing  Apple will introduce the iPhone 5 in September, reports Bloomberg. It would've come out sooner but executives wanted its release to coincide with the launch of its new operating system iOS 5, which was introduced to developers earlier this month.

Hardware  In a move that's playing out well in tech circles, the iPhone 5 will have the same A5 chip that the iPad 2 runs on, which is more powerful and much faster. "A faster chip will enable speedier data downloads and help the device vie with handsets being introduced by rivals such as Samsung Electronics Co. that are powered by Google's Android software," reports Bloomberg. Another big advancement is its 8-megapixel camera (a 3 megapixel increase from the iPhone 4). Additionally, tech blog Boy Genius Report, which has "unusually good sources in the cellphone industry" according to Apple expert Philip Elmer-Dewitt, reported yesterday that the iPhone's exterior would have a "radical new case design" though further details weren't given. On that front, in April, former Engadget editor released a Photoshop mockup of what he thinks the phone will like, based on his sources (pictured on the right). The most pie-in-the-sky rumor about the iPhone 5 is it will run on a 4G LTE Network, which came from a United Arab Emirates wireless operator (many are highly skeptical of the report given its unusual origins). A less exciting but still pretty cool rumor is the possibility of  native panorama camera functionality, which 9 to 5 Mac reported earlier this month.

Software  The iOS 5 operating system has a number of cool, already-announced features, such as  over-the-air updating (no cords), enhanced Twitter integration, revamped notifications, an update on Safari and Mail and location-aware reminders, which can "assign location, as in 'remind me to call my wife when I leave the convention today' which uses a geo-fence to see when you're outside of an area to send that reminder," explains CNET.