The rumored introduction of Apple's new iPhone 5 is set for October 7 with information first being released in late September, between September 26-30. According to sources close to the blog 9to5Mac.com, the new iPhone will likely be unveiled with another, cheaper iPhone.
Some details that are have high confidence:
The iPhone 4 successor will feature an upgraded processor (most likely a dual core variant of the current one) and a higher resolution camera along with the currently-in-beta iOS 5.
The cheaper alternative will be a feature reduced one similar to the current iPhone 4 designed for pre-paid plans like many lower-end Android phones currently are.
Both should feature iOS 5 along with some new goodies including software voice-guided navigation similar to what's present on Android, panorama picture technology, and other features often found on competing phones.
Some new speculation has come out about the apparently enlarged home button leading to the possibility that it either features a hidden button arrangement similar to a depressed joystick or a touch sensor, both to be used for gaming as well as navigation.