There’s an eight-megapixel camera with OIS on back and a 1.3-megapixel shooter on the front. Storage is capped at 32GB and the battery tops out at 2300 mAh. The biggest improvement may be support for LTE, but opinions vary on exactly what bands it will support.
Droid Life has a comparison with the Nexus 4. Of course the comparison is based on speculation, but most observers believe the new LG phone should appear this month. Danny Sullivan has an appreciation of the Nexus 4 on C/Net.
The phone has a MediaTek MTM6589 1.2 GHz quad-core processor with PowerVR SGX544 graphics, runs Android 4.2 Jelly Bean, has a 0.3MP front-facing camera and a 5MP rear camera which can shoot 1080p video, and a 2250mAh battery. While the 4GB of built-in storage is a bit on the low side, the phone does have a microSD card slot.