While the iPhone 4S camera is among the best on any cellphone, Apple is not resting on its laurels, so we're going to see a much improved camera on the iPhone 5.

The A6 chip in the new iPhone opens the door to better specs, including faster capture of photos, noise reduction and better low-light performance -- Apple claims these updates will yield up to two additional ƒ stops, which is significant. It will be interesting to test against the new Nokia Lumia 920 which is also touting excellent low-light performance.

Apple has also added a panorama mode, allowing owners to capture wraparound images with ease (and without third-party panorama apps, of which there are many good ones) The resulting image can be up to 28 megapixels.

The camera hardware specs are similar to the 4S, with an 8-megapixel sensor and a five-element lens. Apple is also adding a sapphire lens crystal cover, along with a new image processor built into the A6 chip that adds a "smart filter" for better color matching.

Apple also says it has improved the video performance, with better video stabilization and facial recognition. The iPhone 5 will have the ability to grab a still from a video.