Apple has always followed a strict release cycle for almost all of its products. The iPhone, for example, has always been launched around June. The iPhone 4 was launched in June 2010, and the iPhone 5 was also expected to be launched in June this year, at WWDC 2011.
However, Apple has stated that WWDC 2011 will focus only on the future of iOS and Mac OS. Any hardware announcements, including the iPhone 5, seem unlikely in June.
According to rumors, Apple will probably start mass production of the iPhone 5 in September, with a subsequent release soon after, possibly before the end of 2011. Today, an analyst with Concord Securities has revealed more (rumored) details about the iPhone 5.
Apparently, the iPhone 5 will have an 8 MP camera and will be powered by the Apple A5 processor, the one in the iPad 2. It will also be switching to a Qualcomm baseband for both GSM and CDMA models. There will be an improved antenna, which was obviously needed after the whole Antennagate fiasco, but the design will more or less be the same as the iPhone 4, with minor modifications.
The report also states that we may see a small preview of the iPhone 5 at WWDC 2011, but I believe that the event will focus mostly on iOS 5 and Mac OS X 10.7 Lion.
As far as predictions go, I also expect the iPhone 5 to have a larger 4 inch display, 1 GB RAM and 4G connectivity.
via Apple Insider