While speculation has been rampant about it - from "just a supersized S III", to having a flexible display - the consensus seems to be it will have a larger, maybe 5.5" screen, than the current Note, yet be a tad more compact, due to some bezel shenanigans. Quad-core Exynos is a given, and there are rumors about a 12MP camera, but if history is any indication, Samsung will most likely put its 8MP shooter from the S III there.
When are we going to see it hit the streets, though? Well, rumors were for an announcement as soon as next month, and sales in September, beating the iPhone 5 rush (though these two are not exactly in the same category), and now a report from the Korean DDaily says Samsung will hold an event August 30, on the eve of the IFA electronics expo in Berlin.
These Unpacked events have become a hallmark for important new product launches for Samsung since last year, so we are expecting nothing short of the Galaxy Note II there. Last year the IFA expo show the Note announced at an Unpacked event right at its onset, so we can safely assume the same thing happening now with the Note II.