According to apple industries IPhone 5 is expected to release by June 6th, 2011.Specifications:
1)Apple iPhone 5 is having 3.7 inch display screen,
2)LTE with graphical advanced dual core CPU,
3)1.2 GHz processor,
4)Multi core A8 system chip with Dual Core processor and
5)Graphics card SGX543 with HD quality.
Also iPhone 5 is having advanced features such as media stream and mobileme connect features. Apple iPhone 5 provides long hours of battery backup. Apple has not mentioned the other details about this device