Will the iPhone 5 Have an A5 Chip and 8MP Camera?

Throwing their weight behind yesterday's tantalising news that the iPhone 5 will feature a completely redesigned look, Bloomberg has reported alleged specs of the iPhone 5, plus spoken of a higher-res iPad 3 and affordable iPhone for developing countries.

This is all according to that old chestnut of "people familiar with the plans," but doesn't seem like too much blue-sky thinking. After all, the A5 chip would follow the pattern of the iPhone 4 receiving the iPad's A4 chip, and with many other manufacturers squeezing in big camera sensors, Apple's is beginning to look a little dusty at only 5MP. Not that it's all about the megapixels, naturally, but Apple hardly wants to bow out of that race.

Adding to the iPhone 5 rumors, Bloomberg also reported that Apple's got a cheaper iPhone for developing countries, which would be similar to the iPhone 4 in terms of chips and display, but obviously at a much lower price-point.

The company is also said to be testing an iPad 3 with a screen resolution around a third higher than the iPad 2, and "similar to the one now used in the iPhone 4." It's not the first time we've heard that the next iPad will be outfitted with a Retina Display, but could it finally be happening with the third iteration of Apple's tablet? Bloomberg's sources also allegedly tattled that the screen would be more responsive, and "closely resemble" the iPhone 4. [Bloomberg]