9to5 Mac is reporting that the next-generation iPhone is in the final stage phase before production begins. Quoting a "previously accurate Apple source," 9to5 notes that some high-level Apple and carrier executives are testing near-final iPhone prototypes.
The source also claims that the new model will be released in September, and the Verizon model will still depend on Wi-Fi for FaceTime sessions (no word on if the AT&T model will handle FaceTime any differently that it currently does).
The September rumor his hardly new, as Reuters suggested it back in April. We'll know soon enough. In the meantime, start saving your pennies.