How much information will the upcoming iPhone 5 store when it hits the markets in the near future? If the rumblings are to be believed, the newest iPhone will match the storage capacity of its iPad cousin/brother/relative.

According to a report in 9to5Mac, there will be three different storage capacities for the device, which could be available in 16, 32, and 64 gigabyte sizes. Not only that, but the various capacity devices will be available in both black and white. Of course, sifting through all these rumors could very well be an exercise in futility/wishful thinking, but the information about the new device’s capacity sizes has hit the wires and is being widely reported by various publications.

Whether or not the new device is an actual iPhone 5 or if it is the iPhone 4s, the grapevine is pretty solid in its belief the new devices will have an increased capacity. The following block from 9to5Mac demonstrates as much, provided the rumor pans out:

In all fairness, it is also plausible that the new iPhone will come in 8GB, 16GB, and 32GB capacities, but the appearance of a tweaked iPhone 4 (N90A) seems to refute that. Provided that the 8GB iPhone 4 rumor is correct, it would make little sense for Apple to produce both an 8GB iPhone 4 and an 8GB iPhone 4S.

As indicated, the capacity story is a hot topic around the web, including Twitter, where the rumor is being treated, for the most part, as fact:

Some have begun speculating about prices for these increased capacity devices, and if the following guess is true, one wonders what the 64 gig model will cost:

So? $750 for a 64-gigabyte model? If so, would you be as apt to lay down that kind of money for such a mobile device? What if it’s only $600? With that in mind, does this mean Apple is envisioning the upcoming devices as something much more than a mobile communication device? Let us know what you think.