The China Times places the release date for the second week in September with Apples first order of 4 million iPhone 5 units. Suppliers are said to be preparing 400,000 trial units, lets hope they spot any potential fails this time like the proximity sensor or the fact the antenna fails when you hold the phone!?
Apple have delayed announcing the iPhone 5 in June and this has increased their sales of the current iPhone 4 for the last quater. So a mid September release for the iPhone 5 seems realistic, there has been no news as to what new features the iPhone 5 will have but from the looks of the recently leaked iPhone 5 cases the new iPhone will have some major design changes! Personally I find the leaked case design concept unlikely, I suspect the iPhone 5 will look very similar to the iPhone 4 with some additional features.
Reuters also reported the iPhone 5 would be released in mid september with production starting in July.