—A Faster Processor: TRUE. Apple (NSDQ: AAPL) didn’t provide any details on this, but it said the phone’s performance would be at least twice as fast. In addition, it said the latest phone will come loaded with HSDPA. As carrier’s upgrade their networks, the phone will be able to speed up 7.2 Mbps.

SEE ALSO: @ WWDC: Apple Unveils iPhone 3G S; The S Must Stand For ‘Speed’@ WWDC: Developers Show Off Functionalities Of New iPhone OS 3.0

—More Storage: TRUE. The 16 GB version will cost $199 and the 32 GB version will cost 32 GB. The 8G iPhone 3G will cost $99.

—Cheaper Prices: TRUE. While the latest phone won’t be any cheaper, the iPhone 3g, which came out a year ago, will drop in price to $99.

—Video Camera: TRUE. The camera was upgraded to a 3 megapixel, which now has video-recording capabilities. It also has video-editing capabilities, which allows users to see a “timeline” of the video at the top of their screen, and edit it by marking the beginning and the end of the video with your finger tip.

—Longer Battery Life: TRUE. The iPhone 3G S will last for nine hours using WiFi, compared to the regular iPhone 3G, which lasted for six hours. Watching video will increase from 7 hours to 10 hours, audio increases from 24 hours to 30 hours. 2G talk time goes from 10 to 12 hours, and 3G talk stays even at five hours.

—Integrated Compass: TRUE. The compass will come integrated into maps, and will allow the maps to orient in the direction you are heading.

—New Form Factors: FALSE. As Apple’s SVP of Worldwide Marketing Phillip Schiller said: “It has the same great design of the iPhone 3G, but what is inside is entirely new.”

—A Matte, Rather Than Shiny, Finish: FALSE, see “new form factor.”

—Tethering: TRUE. Apple will start allowing tethering on all iPhones. This will enable you to connect to the internet on your computer using your iPhone. It will work either via the USB cable or Bluetooth. Unfortunately, it will only work with carrier approval. At launch, 22 carriers in 42 countries will support it. AT&T (NYSE: T) was not one of the carriers named.

—Lower Priced Service Plans: FALSE. Although there were plenty of AT&T execs in the room, there was no word on the service plans changing at all.

Photo Credit: Flickr/adkorte