Rapid Repair has done a teardown of the new iPhone revealing a Samsung chipset and the capability to record 720p video.
The chipset has been identified as the SoC S5PC100 from Samsung meaning an ARM Cortex A8 which runs at 600 MHz (can operate at up to 833MHz). Also discovered was the PowerVR SGX for graphics and 256MB of RAM.
According to Engadget these features give the iPhone 3G S the ability to record 720p video and handle real-time video conferencing should Apple choose to go in that direction.
