Apple.pro has gotten photo evidence of the iPhone 5 having a slightly tweaked camera system, both in the front part and the back part. The front part seems to have been redesigned, though no technical specs are currently known. It wouldn’t be to surprising if Apple made the front camera in the iPhone 5 an “HD” component, which would line up with their recent release of FaceTime HD cameras on the MacBook Pro and iMac line of computers.
The back camera, currently 5 MP and sitting next to an LED flash, has been reworked in a fairly major way. The camera has no flash, at least not directly connected to it. This is an interesting change, given that the flash reportedly was the main culprit in delaying the white iPhone 4, and suggests that the flash will be moved somewhere else on the next device. Though it wouldn’t be unheard of, I seriously doubt Apple actually intends to remove a feature that is so common on smartphones these days from their offering.
Apple.pro has typically been a very accurate, well-connected website for the past year or so, so there is no major reason to doubt this information’s legitimacy. The camera being moved also suggests that the next iPhone will have at least a moderate redesign.