The release of the next iPhone being 5 makes sense to release sometime in September or even October to be in line with the iPhone 4S which was delayed due to unforeseen issues. Now they didn’t specifically say that the iPhone would release in September but did expect it to release in Q4 which is expected.
The new iPhone 5 should come standard with a 4G LTE antenna much like the iPad 3 currently sports. The iPhone 5 is slated to release with a new design featuring a larger screen at 4-inches compared to the current 3.5. However this may not be the case, because Apple likes their “One size fits all” policy. The iPhone 5 is also rumored to have NFC technology much like some of the newer Android phones released with Google Wallet fucntionality.
The iPhone 5 may also be called the iPhone Pro as Apple may actually release 2 lines of the iPhone much like the Macbook and Macbook Pro. Stay tuned for more news about the release of the next iPhone.