Right now, hardware improvements that are reportedly stuffed into the new iPhone include a 600MHz processor, 256MB of RAM, 32GB of storage, a 3.2-megapixel camera and an FM radio. They aren't revolutionary new features, but they are definitely a nice upgrade.
Given the availability of iPhones (AT&T retail stores, AT&T web site, Apple retail stores, Apple web site, eBay, etc.) it's highly possible that Apple is looking to clear out stock before introducing new hardware. Unless you're in dire need of an iPhone right now, anyone interested in a new iPhone should wait at least until June 8 to see what Apple announces during the WWDC keynote.
If you're thinking that all those upgrades are going to mean a hefty new price tag, you might be right. Currently, the iPhone 8GB sells for $200 and the iPhone 16GB sells for $300. (Refurbished models cost less.) Adding all that new silicon into the iPhone is sure to boost the price, as well. Or is it? Remember, Apple has the Flash market cornered, meaning it can get great prices on those components. Given the purchasing power that Apple has, it is possible that whatever new hardware is announced will cost about the same as (if not less than) the existing hardware. Long story short, I'd expect price points to remain at similar levels, with the top-end iPhone costing no more than $400 after subsidies from AT&T.
If there's no new hardware trotted out by Phil Schiller and Co., by all means hit up the Apple Web site (or purchase point of choice) and order away.....on June 8