There was lots of talk about the iPhone 5 being ready for early September but based on the small number of leaks (that's really how it's measured) it looks more and more like late 2011.
I guess instead of the "back to school" time they are pushing the old Christmas gift for the mighty iPhone 5. Interestingly enough, regardless of what it has, or doesn't have, there are plenty reports that it'll outsell all other smartphones! I sometimes wonder if Apple could package up a pile of dog crap an sell it!