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If the next iPhone gets released in the fall, I think it will make an appearance as..."one more thing!". Here is why I think so.
1. Apple was embarrassed about losing secrecy on the iphone4. Therefore, I think Steve J & company want to show the world they can keep it under wraps by surprising us at the WWDC. If they wait too long, 3rd party suppliers will usurp the surprise.
2. A Fall iPhone release date would give developers 3 months to get their apps in line. The timing just seams to work.
3. Apple has missed the Summer iphone cycle for the first time ever they need to ensure everyone's continued support. If they stay tight lipped, all those 3GS contracts expiring this summer might jump platforms as opposed to getting a year old phone (iphone4). However, if Apple announces a new model coming people would be more inclined to wait.
Of course, we will just have to wait and see. I'm thinking an iPhone will be announced if not actually displayed.
Cosmo