better camera – yes (hell a 2MP front and back camera would be a miracle)
without home button – no (home button is classic on any apple mobile product. maybe iphone 6)
bigger screen – yes (rumors have it at 4 inches and I would welcome that increase in screen size)
same design – yes (love the glass back and so do many others)
new design – yes
white model – yes
physical keyboard – no (makes phones too bulky)
64 GB models – yes
Full HD recording – yes
low cost models – no (why would apple do this? ppl buy apple for the prestige and are willing to pay a premium for the product)
no more storage – no (apple has always hated external storage capability)
3D display – no (tech is too early for 3d display)
Better battery- yes (apple always improving on battery life)
CDMA model – yes (this is a no brainer with verizon launching the iphone 4)
R-UIM MicroCards – maybe
Two SIM Card tray – no (why would they do this?)
NFC technology – no (NFC tech is too early and apple always waits until the tech is more mature, maybe iphone 6)
A5 processor – yes (since it was featured in ipad 2)
More RAM – no (probably not since A5 chip is based on 512MB RAM)
HDMI output – capability yes, but not as a port (if anything it would come as an accessory like Ipad 2
so they can make more money)
4G/LTE support – no (just like NFC tech, LTE is still in its early stages and apple will wait until next iphone to deploy LTE capability since the network is not developed enough yet)
Voice controls – yes (google has done a good job with voice commands and I don’t see why apple can’t improve on this)
iTune cloud – yes (since amazon and google are moving toward the cloud and ppl criticizing apple since users have to be tethered to itunes to transfer music, videos, etc)
iOS 5 launch – no (ios 5 will be discussed in apple developers conference in june)
This summer – no (too soon and with japan’s lack of resources, it will be hard for a june launch)
Sept availability – possibly

Cheeper option? Dont know yet.

Form factor was planned to be the same with a different back, moving the antennas can cause difficulties due to others patents and Apple is wanting to reduce patent infringement vulnerability(Nokia).

Yes there will be more RAM More space is probably not happening because Apple is moving towards the cloud (eg look what their itunes plans are)

better processor is probably obvious

NFC – It sounds like yes. Apple wants customers to be ready, and finally they are.

Battery – The same but latest release of the operating system will increase battery life a little.

HDMI – Obviously -Europe requires it.

So to sum up. It will be basically the same except for: better camera, better RAM and Processor, HDMI and NFC.