So I've been thinking about it, and it wouldn't really make sense for Apple to release a significantly iPhone right now because a) it would take away too much from higher margin iPhone 5s, especially during the holiday quarter and b) it would still leave that 12 month gap in iPhone release dates. It kind of makes sense in my mind to release the 5s and 5c and then in 6 months (after the sales are slowing) release an iPhone that is similar in specs to the 4S but has the same body as the 5c. This will also be later on the manufacturing curve (lower costs) for the 5c body style. This could result in an inexpensive model around the $349-$399 price range. That would be $50-$100 cheaper than the 4S plus it would be a "new" model.