he iPhone 5 is a pristine feat of engineering — the best in its class, per more than a couple tech publications. Critics gushed about the handset's feather-light brushed-aluminum chassis, and its larger 4-inch screen to compete with bigger, crowd-pleasing Androids. Now, the annual rumor mill is once again beginning to churn, and speculation naturally turns to this question: What will the next iPhone look like?

If history is any indication, we already have our answer: It'll probably look a lot like the iPhone 5. Here's what we know so far:

1. It might debut this summer
The latest reports claim Apple has already started production of the iPhone 5S. Previous versions of the iPhone were typically unveiled in the fall, but Apple could be looking to unwrap the 5S during the dog days of summer. According to MacRumors, analyst Ming-Chi Kuo of KGI Securities — who boasts a pretty solid track record with this kind of stuff — says he expects Apple to debut the new iPhone in July. Such an effort would "avoid repeating the fatal mistake" made last year with the delayed iPhone 5 launch, "which gave competitors room to grab market share." Did someone say Samsung Galaxy?

2. More horsepower
This is a no-brainer, but according to Kuo's sources, the iPhone 5S will include some incremental spec bumps, most notably a new quad-core A7 processor. Here's the full rundown of the purported specs:

3. 'Smart Flash'
The camera on the iPhone 5 has received excellent marks from reviewers, but Kuo insists the iPhone 5S will support a new feature called "Smart Flash." Essentially, the camera will automatically decide whether to use a white or yellow flash depending on lighting.

4. A new fingerprint chip
Nary a day goes by without a hacking story (Evernote being the most recent victim), and Apple could shore up the iPhone's defenses by potentially scrapping the four-number login. According to Kuo, the iPhone 5S will come sporting a first-of-its kind "fingerprint chip under the Home button, improving security and usability." Remember: Last July Apple bought AuthenTec, a security firm specializing in fingerprint-based technology.

5. The 5S could have a little sibling
Rumors have long persisted of a more affordable iPhone built from lower-cost parts like a polycarbonate shell. Tim Cook insists that Apple will never make a "cheap" product, and Apple already sells older models at steep discounts. Still, everyone from The Wall Street Journal to DigiTimes reports that a more affordable iPhone is likely on the way, mostly to help the company gain some much-needed traction in emerging markets. Kuo claims that when the curtains rise for the iPhone 5S this summer, we shouldn't expect it to shine alone.

6. It probably won't support wireless charging
Wireless charging technology has been around for a few years now. According to Taiwanese tech site DigiTimes — which, let's remember, has a spotty record when it comes to iPhone rumors — Samsung and Apple's phones may soon be due for a wireless-charging upgrade. 9to5 Mac, however, says we shouldn't count on it, at least for 2013. While Apple has already filed several patents for magnetic inductive charging technology, senior vice president Phil Schiller recently downplayed the idea, admitting that the tech isn't at a point yet where it adds any notable convenience. "Having to create another device you have to plug into the wall is actually, for most situations, more complicated," said Schiller. In other words, don't get your hopes up.

7. iOS 7 will get a major redesign
iOS lead Scott Forstall was given the boot in December, so Apple's chief designer Jony Ive will get his first chance to revise the mobile operating system his way, i.e. less tacky software design (or skeumorphism), and a more stripped-down UI. According to iMore's Rene Ritchie, "Ive's work is apparently making many people really happy, but will also apparently make rich-texture-loving designers sad." Daring Fireball's John Gruber adds that "iOS 7 is running behind," but word on the street is that engineers are already street-testing it with "some sort of polarizing filter on their iPhone displays, such that it greatly decreases viewing angles, thus making it difficult for observers to see the apparently rather significant system-wide UI overhaul."

This post was last updated on April 3, 2013. It was initially published on March 5.

Chris Gayomali

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Chris Gayomali is the science and technology editor for TheWeek.com. Previously, he was a tech reporter at TIME. His work has also appeared in Men's Journal, Esquire, and The Atlantic, among other places. Chris lives in Brooklyn, a place where writers rarely live.