We've heard the low-end model, which is essentially an iPhone 4 look-alike (glass front and back), is rolling off the assembly line in big numbers right now. Apple expects to have 10+ million of these things on hand for launch and full ramped production into the holiday shopping season. These will be priced aggressively and be everywhere. They will also be offered in both prepaid and post paid plans (this is a big deal more to come on that).
But there is some bad news It appears that the tear-drop shaped iPhone 5 with larger screen and thinner, rounder body is seeing continued design and production delays, at least on one assembly line (Apple has multiple production sources Pegatron, Foxconn, etc). We therefore think that iPhone 5 will be delayed slightly at the very least and may see shortages all the way into 2012.
The site has heard that the iPhone 5 is a "site to behold". It's apparently impossibly light yet sturdy and has a camera that will rival point and shoots.
Earlier today the New York Times confirmed that the new design will be similar to that leaked by CaseMate.