The first rumors on the plans from Canon on releasing the Mark III of the Canon EOS 5D camera appeared in April, but now the specs are known as well and you can read about them below.
Apparently, the 5D Mark III will have a 35mm sensor with full frame, a resolution of 32MP (compared with the 21MP from the Mark II), plus plenty of other improvements, like the high ISO range (which goes from 100 to 25600). It will also have a Digic V processor which is updated. Thanks to all the improvements, the Mark III has better noise reduction and image quality.
Other specs are the auto focus system with 19 points, the bigger LCD, the auto focus technology and it can use CompactFlash memory cards. If you want to shoot photos continuously, the speed has increased to 4.2 FPS, from 3.9 FPS. It appears that test versions of the Mark III are already in the hands of photographers.

What I have heard and it makes sense to me is that Canon is getting out of the business of making professional level cameras. When was the last time they came out with a new full frame digital camera?? It’s not going to happen. They came out with the 7D, a great little camera and every couple of months they introduce a new rebel or a new compact camera. But full frame, no, nada. They must have hit a wall somewhere and just decided to give it up. Even the last 5D they came out with was a a poor attempt. On the day it shipped both the auto focus and the ISO were already out of date. I have Canon cameras; they used to make a great product. I have three Canons and the compact camera I own, the G12, is ironically the most advanced! It’s a sad day.