Verizon iPhone Now. Or iPhone 5 Later?

Updated: More rumors on Apple’s A5 chip. The new generation is rumored to be 4X better than the current model. Click here to read the article at Engadget.

One of the biggest problems with buying the Verizon iPhone now is the impending new iPhone release this summer that’s likely to occur. With a 20 month contract now the standard for Verizon, it may be wise to pause.

First details about possible iPhone 5 specs were just release over at MacRumors. If they’re anywhere close to accurate on the redesign and major processor upgrade, the decision just got a bit harder.

“The iPhone 5 is said to be “completely redesigned” with an expected launch in the summer. One major upgrade will be a Cortex A9-based multicore processor (to be dubbed the Apple A5). The current Apple A4 processor is a single-core Cortex A8 processor. This faster processor will also make its way into the next generation Apple TV.” - Macrumors

Hit the jump for complete details (including iPad 2 article)