Well, the source and the site they're on seem a little shaky to us, but the specs themselves don't seem too far-fetched -- OLED screens are getting cheaper and more prevalent, and we're almost certain to see bumps in camera resolution and storage, so even if they are totally made up, we'd venture to guess they're more right than wrong.
ENGADGET: Next iPhone to launch July 17 with OLED display and glowing Apple logo?