The general belief is that Apple will announce the iPhone at its fall event. Though this event took place in early October last year, Apple has not yet confirmed any details for its 2012 fall event, so people are left to guess as to when it comes to the announcement of the iPhone 5. September seems the obvious month, since that is when Apple usually holds its iPod event, or October, since that's when the iPhone 4S was announced. But rumors doing the rounds today suggest that it could be as early as August.
According to a report over on Know Your Mobile, Apple is all set to announce the iPhone 5 on August 7. Previous rumors indicated that Apple may have brought the release date forward to August (from October), and now Know Your Mobile is citing "a reliable industry source who wishes to remain anonymous" that says the phone will debut during a keynote speech on August 7.
Other than that, there wasn't a whole lot else said about the iPhone 5, which is thought to represent quite a departure from the iPhone 4S in terms of design. It's not yet clear if this will be Apple's first 4G LTE iPhone, but it's likely, considering the iPad 3 launched with LTE earlier this year. Apple made no mention of a new iPhone at WWDC in June, but the company did announce iOS 6, the newest iteration of its mobile OS.