Only a week after the previous release, Apple has made iPhone OS 3.0 beta 5 available. Several new tweaks and features are apparent as the final release date for the new operating system approaches. Apple has also announced that all AppStore applications submitted for approval must be OS 3.0 compatible going forward.

First of all, leaked screenshots have confirmed rumors of a built-in digital compass (magnetometer). Along with the GPS and accelerometer, the compass could improve navigation and make a variety of "augmented reality" applications possible by overlaying graphics on top of live video.

The latest iPhone OS 3.0 beta version is live for developers, and requires installation of the iTunes 8.2 pre-release for activation. Questions and speculation have arisen over a reference to Blu-ray included in the "About iTunes" window of iTunes 8.2.

The text reads: CD, DVD, Blu-ray Disc, and music and video-related data from Gracenote, Inc. Could it be possible that Apple has decided to acquire licensing for Blu-ray technology after all?

Reports indicate Verizon Wireless and Apple may actually be discussing two new iPhone-like devices for launch as early as this summer on the Verizon network. One piece of hardware would be a simplified iPhone, with fewer features and a lower price, using CDMA network access.

The second, and arguably more interesting device is somewhere between an iPod Touch and a netbook. Dubbed the "media pad" by a source talking to BusinessWeek, this entirely new Apple hardware would also have access to the Verizon Wireless network, and have the capability to make calls using WiFi.

Amazon has purchased Lexcycle, the company that developed the free iPhone eBook reader Stanza. The software is widely seen as a rival to Amazon's own Kindle application. Stanza provides free access to over 100,000 books in ePub format, which Amazon's Kindle does not support.

Details such as the cost of the acquisition were not revealed by either company. Over one million copies of Stanza were downloaded by the end of last year. Amazon's Kindle iPhone app is free, however users must pay for content. The Kindle 2 electronic reader is now priced at $349.

Look out Verizon fans, the iPhone may be coming sooner than you think. AT&T must be nervous considering reports that the other wireless giant, Verizon Wireless, is currently in high-level talks with Apple about the iPhone. Vodafone, the co-owner of Verizon Wireless, already offers the iPhone in European markets.

It's possible that Apple is considering a CDMA version of the iPhone after all. Observers are predicting that if Verizon and Apple can strike a deal, the iPhone will hit Verizon shelves as early as 2010. AT&T has been trying to extent its exclusive arrangement with Apple beyond its expiration sometime next year into 2011.