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The web has been buzzing for weeks with rumor sites and mainstream media speculating what the next-gen 3G iPhone will offer. Expected to be announced today, Steve Jobs will grace the stage at Apple's annual Worldwide Developer's Conference in San Francisco at 10:00am PT (1:00pm ET), and as usual engadget will be on the ground with their blow by blow live coverage.

Speculation for the new iPhone includes, running on the 3G network, real GPS, a thinner design, a gloss black plastic housing, a smaller screen, photo geotaging, higher-res camera and a $200 rebate from AT&T.

And according to Wired, it's not all bad news for competitors like Palm and RIM, they have also enjoyed increased sales, much in the same way the iPod advanced the market's adoption of MP3 players in general.