From where? The faster part is likely true; the better battery life is speculative but probable; and an HDMI out port is simply BS, and you should punch whoever told you that.
The current rumors regarding the iPhone 5 include the addition of Near Field Communication, basically a way for the iPhone to act as a debit card ala those Exxon-Mobile payment dongles; a dual-core CPU and GPU; and a free, more tightly integrated version of MobileMe.
The announcement date is early June. Apple announces new iPhones at WWDC in early June.
Do you NEED a new phone? Can you no longer stand the iPhone 3G to the point where you want to throw it against the wall rather than wait until June or July for the iPhone 5? If yes, then get the iPhone 4, and be happy. If you can hold out, then the iPhone 5 will be worth the wait.
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