iOS 5 beta 8 won't be released until this Friday. After beta 8, Apple will introduce a Gold Master build on or around September 23rd as has been rumored. We believe that build is what will be loaded onto the already-assembled iPhone 5 hardware currently waiting for final software in China. Apple will then request that carrier partners give technical acceptance to the Gold Master by October 5th if there are no issues with it.
It's believed that the iPhone 5 launch will follow shortly. France Telecom CEO Stephane Richard says that he expects the iPhone 5 to be out on October 15th.