YouTube user InfoZenn has posted a very nice walkthrough of iOS 5 on an iPad. Amongst many of the new features, he also shows off some of the new multi-touch gestures that were originally tested in iOS 4.3. Swiping can be used to switch applications (left/right) or to bring up the multitasking bar (up). Pinching with four or five fingers can also be used to return to the home screen. iOS 5 is due for release sometime this fall.
Next-generation iPhones likely to focus on internal improvements.