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.
NFC support has dropped out of the rumor mill for the iPhone 5 aka iPhone 4S a while ago. Also, do not dream about an LTE (4G) iPhone 5 for this year. A 4G iPhone is expected for 2012.