iPhone 5 Production Underway for an Expected Fall Launch
According to Japanese blog Mac Otakara, the next generation iPhone has already gone into production in China. Mac Otakara cites reliable Chinese sources for the information.
For reference, Mac Otakara also cited similar sources when they reported that the iPad 3 first went into production in January 2012. The lead time between production and launch for the iPad 3 was approximately two months with an official launch date of March 16th, 2012. That could suggest that we could see the new iPhone as early as September, though the production timelines for the iPad and iPhone may differ significantly.
Meanwhile, the Wall Street Journal had previously reported that the iPhone 5 would begin production in June, and all signs have pointed to a September or October launch for the new iPhone.

Leaked iPhone 5 parts have suggested Apple will be adopting a two-tone backing with a central metal panel. Mac Otakara reports that in the production models the back panel have a naked aluminum surface and a partially glass covered portion. They also note that a small hole that was seen between the lens and flash in the prototype parts is now absent.
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Top Rated Comments
The New iPhone, iPhone 4G, and iPhone 6 all make more sense.
"Can we please stop" posting this on every thread about the iPhone. We get it. 6th Gen.
And really? "least sensible"?!?! Seriously? Do me a favor, ask any "non Apple geek" what would they name the next phone after the 3G, 3Gs, 4, 4s, and let me know how many people say "Oh well that would be the iPhone 6". Most people would say "What happened to the iPhone 5". For all we know they will call it "The New iPhone". You have no more of a chance at being right as does calling it an iPhone 5 or The New iPhone, but can we PLEASE stop posting this in EVERY thread over and over again. Everyone here knows which gen we are on. For all we know they might even throw everyone a curveball and call the damn thing the iPhone 4XL
Good.
Goodbye.