This, to me, would be just as bad as not announcing an iPhone 5. I think we can all assume that we'd get a new redesigned iphone 5 in 2012 if it wasn't announced tomorrow.
Why would Apple reveal the iPhone 5 if it won't sell it until next year ?
And if so is the case, why would anyone buy the iPhone 4S which would be a minor upgrade rather than soldiering out a few months and getting the iPhone 5 ?