Apple has been rumored to be testing iPhone 4 (or 4S) models for T-Mobile and Sprint lately, causing many to conjecture that an iPhone 4S release this fall is entirely possible (with a full iPhone 5 release in January). BGR, however, "has independently confirmed that the next-generation iPhone will not merely be an upgraded iPhone 4 as had been previously rumored."
The iPhone 5 is coming in August.
At least that's what BGR's sources are reporting. Apple could make the iPhone 5 announcement in early August with a late-August availability expected.
Of course, Apple generally announces new iPods in September at the end of its annual back to school deal, but the source claims the company won't muddle the iPod lineup with the iPhone announcement.
As for the iPhone 5, specs are limited, though you can bet on a faster processor, upgraded camera, better graphics, and a new case design (which seems to be the only real "evidence" anyone has that a new phone is on the way).
Would an iPhone 4S be sufficient (or even a good idea), or should Apple release the iPhone 5 now? Let me know your thoughts in the comments!