Everyone is publishing iPhone 5 speculations these days. Larger 4" screen, smaller dock connector, 4G/LTE, thinner body, etc. So, we know that iOS 6 is coming this fall. Naturally, we're also anticipating the iPhone 5 this fall. Will it be called the iPhone 5 or something else?
Personally, I agree with a few of these rumors. Primarily, I think that we'll see a larger 4" screen and 4G/LTE. Those changes make sense. If the phone ends up being too thin, then it will have terrible battery life on the 4G network.
I'm not entirely sure that I buy the idea behind the smaller dock connector (which closely resembles a micro-USB port in some photos). I think there's a possibility that the new iPhone will have a different dock connector, but I'm not holding my breath on this one. It would make the most sense to go with micro-USB which is now the standard across most of the mobile phone market. However, Apple is different. So, let's wait and see.
In the meanwhile, I'll continue to use my iPhone 4S and I'll keep it in new condition (by keeping it covered) so that I can get ready to put it on eBay if I upgrade this fall.