In the months leading up to this day, speculation on what features would be included in the next generation iPhone have ranged from the thickness of the device to its color to whether it will be on AT&T’s fastest 3G network, or have GPS. Here’s an easy guide that let’s you sort through what’s fact or merely fiction.

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Facts:

—The new iPhone is on the 3G network.
—It has GPS.
—It will have an App store that lets you download games, music, videos and more.
—The phone supports Microsoft (NSDQ: MSFT) Exchange.
—The phone will be cheaper. The 8-Gig phone costs $199, and the 16-gig phone costs $299.The purchase will require a new two-year AT&T contract. iPhone 2.0 software will be available on July 11 as a free software update via iTunes(R) 7.7 or later for all iPhone customers. There will be two monthly data plans, according to AT&T (NYSE: T). For the consumer, unlimited data and email will cost $30 a month, and for enterprise unlimited, it will cost $45.
—The phone will be available in multiple colors. This is true, the 16 Gig model will be available in black and white (but no red, as far as we know).

Fiction:

—The phone will go on sale today. Sorry, you’ll have to wait until July 11 in the U.S.
—The phone will have two cameras to enable video-messaging. Nope. In fact, there have been no upgrades to the camera. There’s no flash, and there’s no camera facing the users, which means video-conference isn’t an option.
—No stereo Bluetooth support.

Fuzzy:

—The phone may be subsidized by the carrier. A spokesman said the pricing models will be determined market by market.
—The phone is thinner. On the sides, it’s thinner, but in the middle it’s a bit thicker. The overall volume is the same.