The iPhone 5 is on the brink of release, with an anticipated release date of June to September 2011. It will come with a fresh superior hard drive, with sizes up to 64 GB and a brand new high-speed 1.2 GHz dual core processor. You can find more on the same from this link http://store.apple.com/us.
The only thing I know of it now is that it is going to have a bigger screen. If you look at old iPods there is some extra black area on the top, apple is going to use as much screen as possible to try to cover up the extra space.