Website Bloomberg is reporting that according to two people familiar with Apple's upcoming product, the iPhone 5 / iPhone 4S is coming in September, reaffirming previous rumors. Also mentioned is the A5 processor we've heard so much about (which powers the iPad 2) and the 8MP camera. It will no doubt arrive in time for the launch of iOS 5.
Their sources also mentioned that Apple is testing out a higher resolution iPad. If the rumors are correct, this is likely an iPad 3, which they say will have the Retina display found on the iPhone 4. Sounds like a nice update, if you ask us.