The iPhone 5 will not be released until 2012. The next iPhone will be called the iPhone 4G.
Until then, any self-respecting journalist should refer to it as "the fifth-generation iPhone."
Thank you, and seriously they are not going to make the jump to Iphone 5 for another generation after this one, that I think is still going to come out on time, with an A5 processor in June. I will be making the move from my 3Gs to the next gen as soon as it comes out. Btw I am not basing my knowledge of a summer Iphone release on the fact that apple has not let me down yet year after year of releasing Iphones early into the summer.
Your logic is flawed. Why would the 6th generation iPhone be called iPhone 5? Apple just got out of the naming sequence and looks like will be following a numerical sequence now. It would be stupid in a marketing aspect to go from iPhone 3G to iPhone 3, as customers would like to see additional things in the name, not the removal of a letter.
iPad -> iPad 2, iPhone 4 -> iPhone 5.
It makes the most sense, and btw when people call it "iPhone 5" they're referring it as the 5th generation iPhone because it's a faster way of saying just that.
iPhone = iPhone 1
iPhone 3G = iPhone 2
iPhone 3GS = iPhone 3
iPhone 4 = iPhone 4
iPhone 5 = iPhone 5
In regards to the OP. I'm very excited about the iPhone 5 now, it seems as though waiting for September will be worth it if we're to see a completely revamped iOS + A5 Dual Core CPU + Upgraded GPU + 4" screen + NFC + possible LTE upgradability.
The iPhone and iPhone 3G have kicked the can update-wise, now it's your turn iPhone 3GS.