The iPhone 5 is expected to be a 4G LTE iPhone to be released in end of 2012.
I have watched several news reports about the iPhone 4S in the mainstream media on television and they report that Apple fans are disappointed on not getting the rumored iPhone 5. I think it is off the mark. Sure, everybody likes new things that have been never seen before. The point is though that Apple is launching so many new features and functionalities between iOS 5, iCloud and Siri that a redesigned iPhone 5 is just not necessary. What is necessary is performance to enjoy and explore the new possibilities.
The rumors of the iPhone 5 will continue though. Before the iPhone 4S unveiling the iPhone 6 was thought to be the first LTE 4G iPhone. Now it will be the iPhone 5 that will be able to leverage the data speeds of 4G. As the iPhone 4S is launching in October, I do not expect Apple to launch a new iPhone in Spring of 2012. More likely is that the iPhone 5 will be released in a year from now. The iPhone 5 with LTE connectivity comes in Fall of 2012. Digitimes thinks it could also be as late as middle of 2013.
I have been on an iPhone 3GS for the last two years. The iPhone 4S will be a huge improvement for me. I am excited. iPhone 4 users will have to live with the fact that they get a new iPhone that looks like their current one.