It's pretty close to confirmed that the next iPhone isn't coming out this summer, as iPhones have come out in the past, but instead in September.
But what kind of update will the iPhone 5 be? Not a very extreme one, according to supplier rumors.
It sounds like the next-gen iPhone will use a version of the A5 processor found in the iPad 2 and will get a camera boost from 5MP to 8MP. But by and large it'll look and feel much like the iPhone 4, with the same body and retina display. The big revisions are being held for the iPhone 6, which will be coming out next year. Patience, my friends! No matter what iPhone you have, the new iOS 5 should be coming later this year to make your phone feel new, which has got to count for something.
Via iPod NN