Rumor has it that the new iPhone — that is, the next model Apple is expected to release this summer to take advantage of the new iPhone OS 3.0 — will feature not only a better camera, but video editing features as well.

A German developer who’s gotten his hands on the OS 3.0 firmware has supposedly noticed clips that show editing, scrubbing and clip functions in the coming update, according to TUAW. Another report from The Apple Blog notes that the new iPhone will contain a 3.2 megapixel camera, with a 5.0 megapixel version to follow in a later update.

What’s all this mean? While iPhone OS 1.0 was all about getting the core functionality right, and 2.0 was all about the App Store, iPhone OS 3.0 will be all about media. Rather than merely creating an awesome environment for consuming media, Apple may be planning to make the creation of media just as easy. Other iPhone OS 3.0 details released by Apple seem to support this conclusion (stereo Bluetooth support, the voice recorder app, and possible keyboard support).

Time will tell if these rumors are simply rumors, or if Apple does indeed have something else up its sleeve for this summer. Either way it’s pretty much guaranteed that the next-gen iPhone will have something new and unexpected.

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