New information has leaked regarding iPhone 3.0, allegedly from a member of Apple's hardware development team. Along with a list of features and specs, the source indicated that July 17th will be the release date for the new iPhone.

The list of features below, should it be correct, would be impressive. We've heard rumors of an OLED screen before, however this doesn't make the prospect any less interesting. This design upgrade alone would dramatically improve battery life.

Wouldn't it be great if every time you jumped to the iPhone home screen Pandora kept streaming music? The only application that Apple currently allows to run in the background is the iPod, however if recent reports are correct, this could all change.

Pandora is just one example of how useful allowing apps to run in the background could be. Another likely use would be keeping an instant messaging chat connected. Rumors have been swirling about just how Apple would implement background processing considering the limited resources of iPhone hardware.

In a move to preserve the exclusive relationship with Apple and increase iPhone sales, AT&T may be considering changes to iPhone data plan pricing with the introduction of the next generation device. A typical two-year contract would see a price decrease of $10 per month, bringing the cost back to what original iPhone users signed up for in 2007.

Market research has shown that the high monthly cost associated with iPhone contracts may steer some users away from purchasing the device. The minimum cost over the required two-year contract amounts to over $1700 not including text messaging, taxes and fees.