Can you feel that? That electricity in the air? Yes, it means that the final release of iPhone OS 3.0 is closer than ever, and here is iPhone beta 5 — which is build 7A312g – to illustrate it.

And of course, it comes with a new beta of the SDK and iTunes 8.2. We will update this post as we get new information about what’s new—if anything. One rumor that’s already floating around is that tethering and MMS has been disabled in this build – for now anyway. An odd change, but one perhaps that is being done to isolate existing issues and getting the build ready for existing iPhones (before the new ones come out).

Mostly bug fixes in this build so far, as far as we can tell anyway. We’ll bring you more in a future post as we learn more about the real life changes in this build.