Update: Engadget is reporting live from the event. See the live-blog for complete coverage.

There are more next-generation iPhone feature rumors swirling now just one day ahead of WWDC, where it is expected Apple will unveil the new iPhone.

It is rumored the new iPhone will be slimmer, more sleek, and include a larger screen (16:9) that would take up most of the space of the phone. The only problem with this rumor is that the thousands of iPhone apps that are not based on that resolution would need to be altered.

We can now also confirm that the new iPhone 3 will have complete support for geo-location services, including support within Safari. This means various apps such as Google’s location sharing app Google Latitude will now work on the iPhone. A new enhanced Google Maps iPhone version will also be released.

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The top Minnesota-based electronics retailer BestBuy today sent a memo out to various stores in the U.S. warning them of depleting iPhone 3G supplies.

BestBuy warned some stores could completely deplete their stock entirely.

The new BestBuy warning indicates retailers are pushing to sell off the current iPhone models to make way for the much-anticipated next-generation iPhone.

BestBuy is not the first retailer to issue a warning on depleting iPhone inventory.

Australian-based Vodafone iPhone distributor Brightpoint previously said, “We have just been notified that the [16GB iPhone 3G is] End Of Life,” referring to depleting inventory as well.

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Artist Jorge Colombo done something pretty extraordinary. He created the front-page cover of The New Yorker all on his iPhone.

Jorge simply stood on 42nd ST in NY for about an hour straight to complete the piece of art.

Jorge only purchased his first iPhone last February and quickly purchased the Bushes app ($4.99 iTunes) because he liked the fact he could easily “carry all [his] pens and brushes and notepads with [him]”

The iPhone is being used more and more towards media.

Today, popular Japanese video game maker Capcom (creator of popular titles including Street Fighter and the Resident Evil series) announced the company plans to release at least ten titles for the iPhone by March 2010.

Capcom says it will develop iPhone version games to capitalize on the success of the iPhone as a mobile gaming platform. Capcom is forecasting a 6% increase in operating profit to a record 15.5 billion yen by the end of this fiscal year.

Nokia firstly announced the Nokia Ovi Store merely a few months ago at the 2009 Mobile World Congress in Barcelona. The Nokia Ovi store is simply an online store where people can purchase applications, themes, ringtones, among other content, for their Symbian-powered handset. Free applications can also be found, such as the Bloomberg news app.

The Ovi Store has just launched in Singapore, Australia, with more countries to be added over the next day.

Right now, S40 and S60 Symbian powered devices are supported, with support for additional Nokia phones to be added.

The Ovi Store icon will come standard on newer Nokia phones such as the much-anticipated N97 that will be released June 2009.

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There are yet more rumors today of a new iPhone launch on July 17, 2009, this time courtesy of the site AppAdvice. They are citing a person familiar with the matter who works in Apple’s hardware development team who says the new iPhone will drop Fri July 17.

Given Apple likely wants to push out the new iPhone 3.0 OS, and as the company keeps with traditional launch dates, it is very likely this could be it. The iPhone 3G lastly launched on July 11, 2008, while the first iPhone launched June 29, 2007.

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Update: Yahoo will NOT cease BlackBerry (and other mobile platform development). Yahoo! remains committed to improving Yahoo! Mobile for web and their existing cross-platform applications, as well as developing new and engaging experiences for consumers across various devices and platforms, including RIM, Apple, Widows Mobile, Nokia and more.

Yahoo will completely stop (now confirmed) developing its mobile application for the BlackBerry platform to focus its efforts solely towards the iPhone.

According to developer job applicants for Yahoo’s Mobile BlackBerry team, the applicants
received a reply from Yahoo that read, “Yahoo has decided to cease development [on the BlackBerry platform]”

Yahoo will now only continue to build the exclusive app for the iPhone, and simply continue to maintain the existing mobile browser based site. The company aims at bringing the app experiences straight to the mobile browser (remains to be seen). Yahoo Mobile chief executive Adam Taggart previously said “you can always do more with an app on your phone,” but maintained the company remains committed to both apps and the browser.

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SlingPlayer Mobile has just been launched on the iPhone. The app lets you watch live TV from your at home cable, satellite and DVR signals by streaming live content. Note, that SlingPlayer Mobile does not support Sling Classic, AV, and Tuner models, but will work with the new Slingbox and other legacy devices.

The app was delayed because of excessive bandwidth concerns on AT&T’s network. The app has now been launched, but the service is restricted to only WiFi and will not work via 3G as it has been blocked by AT&T.

AT&T today released an official statement saying, “Applications like this, which redirect a TV signal to a personal computer [including the iPhone], are specifically prohibited under our terms of service,” AT&T went on to say, “Slingbox, which would use large amounts of wireless network capacity, could create congestion and potentially prevent other customers from using the network. The application does not run on our 3G

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Amazon has just released a specific iPhone optimized Kindle book store. iPhone and iPod touch users can now easily browse and download more than 280,000 Kindle eBooks for the iPhone.

Ian Freed, Amazon vice president, said the consumer response to the new app is “tremendous”.

The app also utilizes Amazon’s 3G Whispersync technology, which essentially syncs bookmarks across the iPhone, iPod touch, and of course, the Kindle. So now, if you are reading a book on your iPhone, you can easily pick up later on your Kindle.

In related news, Amazon acquired iPhone eBook developer Lexcycle, the maker of the popular Stanza iPhone app. Stanza, the free application, gives people access to more than 100,000 eBook content partners. Lexcycle said the application will not change as a result of the acquisition.

BGR has published a screenshot of an iPhone menu indicating OS support for a built-in magnetometer (digital compass) in the new iPhone 3.0. The next-generation iPhone is expected to be released by Apple this summer.

Apple has just released the iPhone OS 3.0 beta 5 build 7A312g to developers, only a week after beta 4 was rolled out. There are a number of updates to this version, including an updated version of the iPhone SDK and an iTunes update to version 2.8 (b10).

There are a couple of new features in the new beta.

Users can now email podcast links directly from the iPod app, so if you are listening to a podcast you want to share with a friend, you can easily do so now.

The new beta 5 now also comes with app store parental controls. Parents can restrict apps based on their rating.

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