New iPhone 3.0 Specifications Leaked

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.

Models with storage at 16GB ($199) and 32GB ($299)
Improved 3.2 megapixel camera
Video recording & editing capabilities
Picture and video MMS (multimedia messaging service)

Discontinuation of the metal band surrounding the edge of the iPhone
OLED display
1.5X The battery life
Double the RAM and processing power

Built-in FM transmitter
Apple logo on the back lights up
Rubber-tread backing
Sleeker design

Built-in digital compass
Revolutionary combination of camera, GPS, compass, and Google maps to identify photo and accurately record photo locations
Turn by turn directions
July 17th, 2009 release date

The worst part about this list? Having to wait two months to see the new iPhone.