In about a week’s time we will find out if there was any truth to the insane amount of rumours, leaks and gossip because it is reported that Apple will hold an iPhone 5 event September 12th.
Another rumour is the production of the iPad mini, it is not known whether this will also be introduced in the same event. It will more likely have an event of it’s own.
Some things to be expected is a bigger screen, different ports, better battery, faster processor and possibly new earphones. I don’t think Apple is going to do anything drastic in terms of product design. Their main competition is the Samsung Galaxy S3, people are going to be looking and comparing the two phones. Apple’s jobs with the iPhone is to out do the Galaxy.
The iOS 6 is also expected to be introduced.