It appears that Apple is getting ready to announce the new iPhone 5 on Sept 12. For many of you, this is the iPhone you've been waiting for: 4G LTE speed, 4" screen, smaller dock connector, a metal back, slimmer design, and much more. Of course, some people will be a bit disappointed because the larger 4" screen is not wider when you're using the device in portrait mode. It's merely "taller." I actually find myself more excited about the possibility of an iPad mini over the new iPhone 5.
The first iPhone was released in 2007 and Apple has released a new or updated model every year. So, we're actually waiting on the 6th version of the iPhone this fall.