According to the latest round of rumors. This comes from Reuters, though, not some random blog so I tend to give it more weight. Reuters says the iPhone 5 will begin production in July and begin to ship in September. The big news here is the lack of big news: it’s going to be an incremental upgrade to the iPhone 4 (El Quatro?) with a faster processor. No mention of whether it will have built in NFC capability (the thing where you use your phone as a credit card).
In other news, Apple reports earnings today. Steve Jobs will address analysts from atop a pile of gold in his castle made of gold on a gold island floating in an ocean of gold. “GOLD!”, he is expected to say.