Yes, September/Early October. It will be released alongside iOS 5.
No offense, but no one should have expected a new iPhone at WWDC given the mass amount of information (releasing a Verizon iPhone months prior, making a big deal about a White iPhone a month before WWDC). Also, they won't release a new iPhone without a new iOS; and a new iOS has to be given to developers before it's released for testing (at least 2 months of testing).