There are speculations coming from Korea that indicate the new iPhone 5 will be released on the 4th week of June 2011. WWDC 2011 is at the beginning of June, this would be the best time to début the new iPhone to the media masses. Especially since they released the iPad 2 two weeks after announcing it.
This speculation is coming from the news site ETNews.co.kr. They revealed that the iPhone 5th generation will come to the Korean mobile services SK Telecom and KT will have the new devices when its debuts this summer.
But of course, any rumors or anything that comes from speculation should not be taken seriously until it is confirmed or you see Mr. Jobs holding one at his WWDC event in June.
Apple may have originally planned for a summer release rather than the rumored fall release. But since the recent tragedies over in Japan, this may have disturbed the time tables for an early release. Especially since Howard Stringer, CEO of Sony, has semi-confirmed on the WSJ of the new iPhone 5 maybe sporting a fresh new Sony camera.