According to
AppleInsider, the next iPhone and iPod will have a new low powered 802.11n chip, which will also support Bluetooth and Wi-Fi. Existing iPhone and iPod touch models only support 5GHz 802.11a networks, or 2.4GHz 802.11b/g networks, forcing users who want the top speed of 802.11n (available on all MacBooks) but compatibility with 802.11b/g networks (to use the existing iPhone) to set up a 2.4GHz compatible network. That compromise forces the wireless network to deal with interference from other networks on the often crowded 2.4GHz band.
Apple's latest generation of AirPort base stations added new hardware support for dual-band networks, allowing both fast and slow devices to connect to independent 5GHz and 2.4GHz signals at the same time. However, this isn't possible with previous AirPort base station hardware, or when setting up an ad-hoc WiFi network from a notebook, for example.
New support for 802.11n in the upcoming iPhone and iPod touch models would also provide the devices with additional network speed and reception range features of the significantly faster 802.11n specification, which are related to channel bonding (using two channels at once to double the top reception speed) and MIMO, the ability to use multiple transmit and receive antennas to improve reception speed and range.