If indeed Apple only releases an iPhone 4 on Oct. 4th with souped-up innards, it will constitute the single biggest mistake Apple has made in the past 15 years. Don't believe me? Just look at the comments from people on this forum, they are laced with bitter disappointment and this is from die-hard Apple fans! Imagine what fickle Joe Q. Public will think of this?
It's bad enough that Apple just sat on their fat a**es for a full 18 months without releasing anything new, and then fail to release a new iPad this year in the face of mounting competition, but to blithely toss out the same basic iPhone model after this length of time would be grossly arrogant and abusive to customers. It would be Apple saying "meh the old model was good enough for you before, it should be good enough for you now, take it or leave it I don't care either way". The smartphone industry is just moving far too fast, with too many exciting "new" models being released by Android competitors for the old iPhone 4 form factor to hold the public's interest any longer. People want something new and it behooves Apple to give it to them, else they WILL lose mindshare and marketshare.
I have difficulty believing Apple would be that stupid. If they are, I will be shorting this stock straight back down to $300.