Rumours are rife that Apple iPhone is all set to get an update on June 9, the opening day of Apple’s Worldwide Developers Conference.

News sites and blogosphere are buzzing with speculation and anticipation about the second-generation iPhone. In fact, according to reports, Apple has been cutting down on manufacturing, as it readies a new model.

Although, AT&T stores in US still have phones in stock, the supply has largely dried up in the Apple’s retail outlets. Phone’s current model has been out of stock at the company’s online US and UK stores since early May.

Here’s looking into what all new the iPhone 2 will have in terms of looks and features. Also, why Apple needs to revamp its hot selling phone.