While the phone has a dual-core 1.5GHz Snapdragon S4 CPU and an Adreno 225 GPU under the hood, the model could use some refreshing in that area. It does offer 2GB of RAM, and 32GB of storage, although it does not feature a microSD slot. Another part of the Nokia Lumia 1020 that could stand to be upgraded is the battery, which has a capacity of 2000mAh.
It is possible that Nokia has a new model on the way to replace the Nokia Lumia 1020. If evleaks is right, Microsoft could be unveiling such a device, possibly around the IFA show in early September.
Nokia Lumia 1020
source: @evleaks via WPCentral