Citing an anonymous Apple employee as the source, NYT reported that the next iPhone may actually launch on October 7. Chances of Apple launching two different iPhones are fairly strong. It is quite (seemingly) possible that a revamped version of iPhone 4 will also be introduced alongside the much-anticipated all-new iPhone, believed to known as iPhone 5.
While the former is possibly aimed at popularizing the iPhone in the budget-phone sector by cutting down the cost (while presumably maintaining the same specs as iPhone 4), the latter will be a relatively expensive model with bumped up specs, all-new aesthetics and an even more enticing specs sheet.
source:Technology Nerd
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