All is on schedule for September launch of new 2011 iPhone says latest rumor.
Now that Apple did indeed not unveil a new iPhone at the WWDC 2011 it is now almost 100% certain that we have to wait until fall for the new iPhone 5. According to 9to5Mac the new iPhone 5 has already reached the final testing stage. This means Steve Jobs is already running around Palo Alto with one.
The new iPhone 5 is expected to have the new A5 CPU and offer dual-mode communications. The report on 9to5Mac is though hinting at Apple still keeping Verizon (CDMA) and AT&T (GSM) iPhones as separate models. The Verizon iPhone 5 is rumored to not support FaceTime over 3G, because of Verizon not liking the idea.