Another day, another round of Apple rumors. The latest drop of information comes from Bloomberg, which reports that the next iPhone, which we’ve been calling the iPhone 5, will have a number of expected performance upgrades to its processor and camera. It looks like the delay until September has been explained as well. While Apple usually debuts new iPhones every June, its extensive set of upgrades in iOS 5 have delayed the process. We expect that the steadily high sales of the iPhone 4 have not hurt this decision.

The new phone will have an 8-megapixel camera, up from the 5-megapixel iPhone 4, and will be powered by an A5 processor, the chip that powers the iPad 2 and is said to be about twice as fast as the current iPhone 4 chip. On the iPad 3 front, rumors have, once again, resurfaced that Apple will bump up the resolution of the tablet by about a third. While not quite a Retina display like the iPhone 4, this bump will come with an increase in screen responsiveness as well, which is exciting considering the iPad is, by far, the most responsive tablet on the market (the iPhone still has the most responsive smartphone screen). This rumor makes a bit of sense, as most Android tablets have had no trouble matching the iPad’s resolution thus far.

It looks like Apple is indeed working on a cheaper version of the iPhone in an effort to help compete with Android for the price conscious consumer here and in developing countries. The insides of the device will resemble an iPhone 4, but may have a smaller overall footprint, which is odd, considering most phones keep getting bigger these days. Leave it to Apple to buck the trend, we suppose.

Finally, Apple may stop guaranteeing that all iOS apps run on older models, such as the iPhone 3G and iPhone 3GS, someone told Bloomberg. This is interesting news, especially considering how crippled the iPhone 3G already is, thanks to Apple’s software update process. It looks like it may be time to upgrade, frugal Applers.

Of course, this information is only as good as Bloomberg’s source, which was anonymous. For a good rundown of some other recent iPhone 5 rumors, like its 4-inch screen and tear-drop design, head to our last rumor post.