The iPhone blogs says they've uncovered the very first photos of a brand new version of the iPhone (the pictures are watermarked from a site called UMPC Fever), and while there's no actual indication that they're real (at the very least, it wouldn't be hard at all to make a picture and load it on the iPhone stream), they are worth a look, if only as ideas. The pictures hint at what's basically a dream roundup of new iPhone hardware: a camera with autofocus, a digital compass, and there are hints at a CPU log as well (which may be a developer function of some kind).
A few people note that there is a percentage near the battery, but that's actually a known function of 3.0, and it's been possible on jailbroken iPhones for a while as well.
To add to the mystery, commenter Dstreelm in the comments over there took a look at the metadata on one of the photos (the one supposedly taken by the iPhone), and it was taken near Hong Kong, just a day or so ago. It's definitely all rumors, so take it all with a grain of salt, but it does lend more credence to the idea that we'll be seeing a new version of the iPhone hardware very soon.