I’m not sure if Apple will call it iPhone 5 this time. While softwares from Apple continue to maintain numbers, hardware seem to prefer names. So while, it may be called iPhone, for the purposes of this tip, lets just call it iPhone 5. This way we can avoid any confusion.
I had earlier recommended not waiting for the iPhone 5, and to just buy the 4S. That was in December 2011. Now it is June 2012. The iPhone 5 is not yet announced, but there are plenty of rumors going around. Based on what I see from iOS 6 announced earlier this week, and also based on their delivery date of fall 2012, I am positive that the next iPhone is coming out in the fall.
My recommendation: wait for iPhone 5. It will be definitely worth it.