1. iPhone 5 will be able to make phone calls
2. Flash will be supported (but it’ll be handicapped, to prove a point, just like the in the iMac)
3. You’ll be able to tether your other wi-fi devices
4. You’ll be able to theme your UI, not just a background image
5. You will be able to hold it how ever you like (yes lefties, this means you)

Do you have any rumors for iPhone 5? Send em my way.

(Update: #1 may only be available over wi-fi)
(Update: #1 we may have to wait for iPhone 6 to receive calls. This comes in from @idguy a confirmed source)