Production should ramp up quickly and the launch is expected in late Q3, quite a bit later than usual. Morgan Stanley expects Apple to ship about 72 million iPhones this year, including several million iPhone 5 units. Speculation about the new phone is rampant and it is hard to say much about the specs and design at this point.
Interestingly, Apple seems to be forecasting a major surge in iPhone shipments next year, which could indicate the introduction of a cheaper iPhone model, which has been rumoured for quite some time.
In related news, Huberty believes Apple is already working on an Apple braded TV, which seems to be in the early design stage.
More here.