He also contends that iPhone 5 could contain new chips from Qualcomm (QCOM) that include both GPS and WiFI functionality, and in the future could add Bluetooth and near-field communications capability.

FORBES: Apple: Seeing iPhone 5 Delay, Jefferies Trims Estimates

And coupled with a 35MM lens adapter (not included), shooters can use cinema lenses to add shallow depth of field and better focusing for a DSLR-like feel.

ENGADGET: Padcaster SLR lens mount for iPad now available: priced at $149 or $189 for Lenscaster combo