Apple.Pro points to postings from a Weibo user which claims to have a prototype model of the next-generation iPhone. As you can in the images (above and after the break), the unit appears identical to the iPhone 4. The software running on the device is akin to the iPhone test software that we have seen many times before on test units.
The 5 megapixel device with iOS 4.0 appears to show up as a first-generation iPod touch in iTunes, which is fairly odd. This device, if actually a prototype iPhone 5, might be the N94. The N94 is a next-generation iPhone (prototype in all likelihood) that has been spotted with support for T-Mobile USA bands, an A5 processor, and a 5 megapixel camera.