The iPhone 4s/5 is rumored to be released this fall (September). Rumors state that it will have 4G capabilities and will run iOS5 (which was announced at WWDC 2011). It is also speculated to have a 4 inch Retina display with an A5 dual-core chip and a GSM-CDMA chip that will allow it to run globally on virtually any carrier (in the US, all major carriers are thought to be able to run the next generation iPhone).