Like every shiny new piece of Apple hardware, it seems like from the very moment the first people in line got their paws on an iPhone, speculation began over when Apple would be releasing the second generation. Why? Well, for one, it provided a convenient out for anyone who didn’t want to drop $600 on a new phone (Yeah, yeah, that’s it—I’m waiting around for a better iPhone).

But the truth is, the iPhone was released with features that many users felt could stand a little improvement. Where were the third-party apps? No Java? And isn’t this EDGE network a tad slow?

Well the SDK has finally been released to (some) developers with an actual timeline for third-party apps to become available through the App Store in June. Sun is working on a Java Virtual Machine for the iPhone, with or without Steve’s blessing. With those out of the way, one thing remains: 3G.

3G iPhone rumors are flying. Supposed images of the new 3G model were leaked to much skepticism on the web. At a recent Beet.tv executive summit, Walt Mossberg of the Wall Street Journal said that the 3G iPhone could be expected within 60 days (which lines up conveniently with Apple’s World Wide Developer’s Conference in June).

The conspicuous support of the slower EDGE network in the first generation iPhone has had the term “3G” on the tips of everyone’s tongues since day one, but what does it mean exactly? What does upgrading to a 3G phone mean to the average person?

Sandy Gomo, Director of Product Management for Pantech Wireless, Inc. explained to me what 3G is really going to mean to iPhone users.

“3G provides mobile devices significantly faster access to the Internet and data services, similar to the high speed broadband connection in your home or office. This makes using a cell phone for things like streaming video, surfing the Web and downloading music far easier. 3G phones run at download speeds ranging from 600-1400 kbps, which is fast - roughly five to six times faster than EDGE phones. As you can imagine, a bigger pipeline opens the door for people to develop richer content and more robust applications. With 3G networks, the potential for advanced mobile phone functionality is enormous. At its core, 3G is full of possibilities."

Here, Gomo points out exactly what makes a 3G iPhone a big deal. It isn’t just about loading your web pages five to six times faster. It’s about richer content. On a recent Diggnation, Kevin Rose predicted that the 3G iPhone would feature front and back cameras to allow for video conferencing. While this may simply be speculation, it’s not at all far-fetched. At the SDK press conference in March, we caught a glimpse of the iPhone as a gaming platform—a whole new reason for fanboy daydreaming, with the promise of “console games” and broadband internet in your pocket. The technology is there. All we’re waiting for now is a fast enough connection to plug it in to.