According to a Korean site, ETNews, iPhone 5 will be announced in June, at an event hosted by Apple CEO Steve Jobs, and they apparently quoting industry officials who are not to be named.
Although the report may not be accurate, I still think that we will see iPhones 5 at Apple's WWDC this year, as we have done every year since the original iPhone gadget launched back in 2007.
Personally I think Apple will continue with their annual release schedule for the iPhone, and will be announced at WWDC 2011 and will go on sale some time in June or July.
We just heard that iPhone 5 will feature an eight megapixel camera, which means it will be able to record HD video in 1080p, the news actually came from Sony's Howard Stringer, and we also expect for the iPhone 5 new features such as the A5 processor as found on iPad 2.