Key features:

• Significantly faster performance, improved battery life
• Supports 7.2Mbps HSPDA
• 3 megapixel auto-focus camera, supports video
• Able to edit and share videos from phone
• Voice control
• Digital compass
• Same form factor
• $199 for 16GB, $299 for 32GB, old 3G available for $99
• Ships with iPhone OS 3.0, on June 19th