There is conflicting information on the iPhone5 – whether it will be an upgraded 4 model with essentially the same hardware, of if it will in fact be an entirely new, more radical design. In cycle terms, the iPhone5 could be more of a 4S with a simple specs bump to the existing iPhone4 hardware, in a similar move the the iPhone3G and 3GS. However with the issues over the iPhone4’s antennae last year, and the general feeling that a slightly larger screen is needed now Apple could well be going all out with updated hardware too.
After the WWDC2011 event skipping an iPhone announcement, mid-September the normal time for an iPod Media Event could be the time for the iPhone 5. Apple will need to move quickly though if it wants to capture the Christmas market – a September announcement will need to be followed up by a immediate launch or availability within about 4-6 weeks if they are to capitalise on the end of year spending frenzy.