According to a Bloomberg article, and unsurprisingly, the next generation iPhone will launch in about three months, and will offer a faster processor and a better camera than its predecessor. The iPhone 5 is expected to sport the same A5 processor found in the iPad 2, and its camera will be able to take pictures of up to 8 megapixels – in comparison, the iPhone 4 features the A4 processor introduced with the original iPad, as well as a 5-megapixel camera. Bloomberg’s report is in line with recent iPhone 5 reports, claiming that the iPhone 5 would be more than just an iPhone 4 on steroids. Yesterday night, BGR also reported that the device would offer “a radical new case design,” with curved lines. Note that unlike Bloomberg, BGR believes that the device will launch as early as August. The iPhone 5 allegedly entered the final stage of its design phase about 10 days ago, and is currently being tested by Apple’s engineers. The device will come pre-loaded with iOS 5, and should offer a slew of improvements, such as a vastly improved notifications system, Twitter integration, better Safari and Mail apps, the new iMessage service, iCloud integration, improved multitasking, and better overall responsiveness.