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This is the iPhone 4. Announced on WWDC keynote in June 2010. It features a new exterior design, 5-megapixel camera with LED flash, the 960x640 Retina Display screen and FaceTime Video Calls

Application Processor

It uses the Apple A4 CPU, same as the iPad. It will also ship with 512MB of RAM, double that of the iPad and iPhone 3GS. [1]

Baseband

It uses the X-Gold 618.

Jailbreaks and Unlocks

As of now the only information regarding the jailbreak of the iPhone 4 is another userland jailbreak developed by @comex.

The jailbreak is at the time ready for use but not release. Reason being that the jailbreak itself uses one of Apple's propriertary codes to achieve the jailbreak and if they were to release it could lead to copyright issues with Apple. Here is a simpler breakdown for people new to the community, if dev-team releases then they could get sued and jailbreak could end for good.

GPS

The iPhone 4 uses the Broadcom BCM4750 single-chip GPS receiver, like the iPad. [2]

Specifications

Color: Black or white
Size: 115.2 mm (4.5 inches) (h), 58.6 mm (2.31 inches) (w), 9.3 mm (0.37 inches) (d)
Weight: 135 g (4.8 oz)
Battery: Standby up to 300 hours, talk time up to 7 hours on 3G and up to 14 hours on 2G
Rear camera: 5MP with Autofocus and manual focus (Tap to focus), supporting HD video recording @ 30FPS
Front camera: VGA photos and video @ 30 FPS, supporting FaceTime Video Calls

Major Upgrades/Difference from iPhone 3GS

• A4 processor
• RAM upgrade to 512 MB
• Totally new baseband device, firmware, and bootloader
• Two cameras: front and back