The device is now boxier, with the rear side now flat, instead of rounded. As it seems, the screen is about the same size (or slightly smaller), but with higher resolution (presumably 640x960 pixels).
The other new stuff includes a front-facing video call camera, bigger main camera lens (maybe 5MP?) with flash, Micro-SIM slot, instead of ordinary SIM and probably a secondary mic for noise-cancellation. The new iPhone seems to be only 3 grams heavier and equipped with about 16% bigger battery.
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Apple iPhone 4 Preliminary Specifications
The next-generation iPhone has a new, industrial design