With every passing day, it looks more and more likely that the iPhone 5 will ship in September. Most speculation puts this delay down to a parts crunch caused by the recent earthquakes. But I have another theory- and it involves that extra 12 petabytes of storage Apple just bought.
Every September, Apple hosts their Fall iPod event. This is where we get our yearly line refreshes and news about updates to iTunes and the like. It would also be a perfect place for Apple to debut their new streaming music service, along with the phone built to push it out to the world.
Amazon and HP and Google are all developing streaming music solutions to pit against iTunes. Apple seems unlikely to take that lying down. They know where the future of media consumption lies and that huge chunk of storage was earmarked for iTunes.
So what would make the iPhone 5 a "streaming media" phone? For one thing, the (rumored) larger display and dual-core A5 processor would better enable it to handle processor-intensive tasks (video streaming) and make it a superior media consumption device. But, if this is the direction Apple plans to go, I'd set my sights on a "4G" iPhone 5. Verizon's LTE network would be an obvious choice, but an HSPA+ iPhone for AT&T could also happen.
WiFi-syncing, previously rumored for just the iPod, is another likely iPhone 5 feature. Apple has had trouble getting this feature to work right in the past, which may explain some of the delay. The ability to wirelessly sync up your media between devices seems like just the kind of "magic" Apple loves to show off.