CNN Money estimates that 40 up to 45 million iPhones were sold in 2010. If the LED flash feature is developed, this could help the energy saving bulbs reach their expected prevalence. Apparently, the LED lighting market is expected to reach $1 billion until 2011.

Each new iPhone is expected to be better than the last. But the next iPhone could be the brightest one to date? According to various sources, including Geek.com and Gizmodo , the new iPod model will feature an LED flash, which gives users first photo shooting in low lighting.

Rumors has suggest that the iPhone will become a more viable camera so music lovers, mobile users, and roving photographers can carry a single device that meets all of their tech needs. Until now, Philips’ LumiLEDs have been related to the project, though neither Apple nor Philips has released any statements attesting to a association.

If there is truth to the eco-friendly, bright flash rumors, Apple will have tens of millions of LEDs for the project. Besides serving as a camera flash, LEDs might actually be used to shoot low light videos as all lights on mobile phones offer constant light sources.

Besides a new, LED flash, smart phone users might be interested in knowing that the next generation iPhone is expected to have better battery life, enhanced graphics, and a wave “limited multitasking feature” that would allow multiple third party app to run simultaneously.