As far as I can tell, when parts start leaking it usually means the product is near release with Apple. There has been case prototypes which is not made by Apple previously and it never came true for the tear drop design. This is very close to release and I am certain we might see a summer launch. And no it will not compete with iPads as they are two different products. If that was the case they would never would have produced the iPad to begin with.
Well, what a coincidence: photographs of an unreleased iPhone are leaking out.
This only adds to my believe that Apple might be releasing a new iPhone this WWDC 2012. How often do almost-finished product designs from Apple leak five months or more ahead of a product launch? Not often.
Again, I still think it isn't likely that Apple will announce a new iPhone in just a few weeks, but the possibility is definitely still there (and the chances are growing as we speak).
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When is the next big announcement?
In less than two weeks from now: the WWDC 2012 keynote (traditionally the biggest keynote of the year) takes place on Monday, June 11.