We do know that the latest generation of Apple’s iPhone will be announced on Tuesday at its “Let’s Talk iPhone” event in Cupertino. But what will the latest gadget offer users that its predecessor does not already have?

Our sister site SV411 has some news that there may actually be two versions of the iPhone introduced: an iPhone 4S, which would mainly have internal upgrades like a beefier processor and the iPhone5, which would be a completely rebuilt upgrade.

Also, a report by the Wall Street Journal said that Sprint will get exclusivity on the iPhone 5 until the first quarter of 2012.

Another interesting aspect of Tuesday’s announcement is the fact that this will be the first in the spotlight for new CEO Tim Cook, who is taking over for Steve Jobs. Cook has been leading the company from behind the scenes during many of Jobs’ previous medical leaves, but this is the first time the spotlight will truly be on him.

There are honestly a million other rumors floating around every tech site and blog about what will and won’t be offered for the new iPhones so we’ll have to wait and see for the official announcement on Tuesday.

Photo Credit: Linux insidev2, via Wikimedia Commons.