Apple had been releasing new iPhones like clockwork every 11-13 months, but this model is late. The iPhone 4S/5 hardware is rumored to have been completed months ago, but held up by iOS 5 bug fixing. I would expect Apple to try hard to get back on schedule for 2012.

* iPhone 1 @ June 2007 * iPhone 3G @ July 2008 (13 months) * iPhone 3GS @ June 2009 (11 months) * iPhone 4 @ June 2010 (12 months) * iPhone 4S/5 @ October 2011 (16 months)