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Early in this past week, we published an article suggestive of that in addition to production issues; Apple may have delayed the release of the iPhone 5 in order to entrance time to build more features to the smartphone, given that the iPhone 4 is still selling very well.
A slide-show titled "10 Reasons Why Apple Should Delay the iPhone 5 until 2012" from Don Reisinger on week shares our sentiments.
As to the release date, hundreds of articles, quoting various sources, including "people familiar with the plans," or "sources inside Apple", or "a supplier who refuses to be identified," have been saying that Apple will start selling the iPhone 5 in September or October (depending which source you believe).
A report this week from 9to5mac.com, quoting sources inside Apple, says that the Cupertino, Calif.-based company has been deciding between an Oct. 7 or Oct. 14 launch date but since pre-mass-production line is moving along nicely, Apple is leaning towards the earlier launch date of Oct. 7.