Here's the latest iPhone 5 rumor. Business Insider (BI) suggests that iPhone 5 production won't begin until September, which means at the earliest it would hit shelves in October, or the first quarter of Apple's fiscal 2012.
BI goes on to suggest that it's possible the iPhone 5 won't ship until calendar 2012. The report comes from an Avian Securities analyst, based on conversations with a "key component supplier" to Apple.
I really don't know about this rumor. I can see Apple holding off on the iPhone 5 until the fall so that it could add LTE. Also, such a delay would give Verizon iPhone 4 customers who bought on day one a little more time to feel that their device is the latest and greatest. But, having no new iPhone hardware debut in 2011 seems like a big stretch to me.
Of course, Alvin also suggests that Apple could be introducing a lower price/lower spec iPhone model, which is basically the iPhone nano rumor rehashed again. If Apple is going to hold off on the iPhone 5 until calendar 2012, then an iPhone nano might just tide the angry masses and shareholders over until then.