It`s expected to have a slimmer design, a bigger screen, and LTE or better known as 4G. Sources say that the iPhone 5 will be completely redesigned on the inside and the outside since Jobs dedicated all his time to that project and was not involved in the 4S.
This could be very true since the iPhone 4S is identical in design to the iPhone 4, and it carries the iPad 2 internal technology, so no big changes here.
We could say that the ipad 3 will pave the way for hardware upgrades coming to the iPhone 5 like a new processor, memory capacity, and an improved gyroscope and accelerometer. We`re still speculating of course.
The iPhone 5 should debut around the time of Apple’s Developer’s Conference in the summer of 2012, according to Kumar’s research note.