TechCrunch reports that iOS 5, expected to debut at WWDC next month, will feature a "completely revamped" notification system and widgets. Apple has long been rumored to be revamping its notifications system in iOS, and many have expected that such a notification system revamp would make its way into iOS 5.
The widgets functionality is somewhat a new concept, however. Besides TechCrunch's mention that there will be iOS widgets, nothing else is known about what they'll look like or what function they'll perform. MacRumors postulates that iOS widgets could "presumably provide quick access to information without the need for launching dedicated apps, much the same as Dashboard widgets in Mac OS X." They might also function similarly to a pretty cool concept video of how widgets might work in iOS.