iPhone update in June???

I have heard that there will be this big iPhone update in June and it's gonna be huge. Do you know anything about it? I wanna get an iPhone for my birthday (on June 20) and right now I know that iPhones are kind of overpriced for their software. It doesn't even have a video recorder! I am asking, what new applications are there gonna be, will there be video recording capabilities and when does this thing come out. I also heard that iPhones will be running on 3G which I think will make it faster. Is this true. Please give me as much information as possible. Thank you very much!!!