We’ve gotten word from a reliable source at Foxconn in China that the iPhone 5, as it is currently being called, is currently being geared for production. The source said various sample devices are also floating around (which vary slightly from one another) so it is impossible to tell which one will be the final. Some things in common with all of them, however, are:
4+ inch display (made by LG on at least one of them)
No teardrop-shaped devices as were rumored in the lead up to the iPhone 4S. Samples so far have been symmetrical in thickness. Also longer/wider.
None of the sample devices have the iPhone 4/4S form factor