Apple's next iPhone won't be until late 2016, but should come with a new design.
Apple Removes Custom Ringtone Creation in iTunes 10
Apple's former custom ringtone editor, no longer present in iTunes 10
As noted by Mac|Life, iTunes 10 appears to be lacking the ability to create ringtones from songs purchased from the iTunes Store. The feature had allowed users to select iTunes-purchased songs from their libraries, trim them down to desired ringtone lengths, and purchase the resulting custom ringtones for $0.99 each.
After looking around in the application, it seems that ringtone creation has been pulled from iTunes 10. We checked iTunes and were met with only information on how to sync ringtones from iTunes.A support document outlining the process for creating a custom ringtone in iTunes is still posted on Apple's site despite the fact that the feature no longer exists in the updated iTunes.
You can create iPhone ringtones from many songs purchased from the iTunes Store on your computer. Personalize your ringtone by choosing up to 30 seconds of your favorite song with the easy-to-use iTunes ringtone editor. You can also fade the ringtone in and out, and choose how long to wait before looping the ringtone.
Created ringtones are only available for purchase from the U.S. iTunes Store on your computer.