I can already see eyes rolling after reading the headline: “Great, another iPhone 5 rumor.” If that’s the case, then move along. Complaining that there’s too much talk about the upcoming iPhone on an iPhone-focused website is like complaining there’s too much chocolate in your chocolate milk.

However, if you are anxiously awaiting the device’s impending launch, you’ll likely be happy to hear this particular piece of gossip. A Sterne Agee analyst told investors this morning that the iPhone 5 won’t be the “modest update” that a lot of folks are expecting…

If you’re thinking this is another meritless rumor compiled to get a publication more web traffic, you’re a bit off. A quick Google search of Sterne Agee takes you to the firm’s website, which proudly states that the company has been doing business for over 100 years.

Keeping that in mind, analyst Shaw Wu distributed a note to shareholders today with information he’s received regarding Apple’s upcoming smartphone. He claims the device will be thinner, lighter, and more powerful than its predecessor, and will also sport a larger display.

As BGR points out, none of this is really new information. We’ve been hearing similar reports since as far back as February of this year. However, this is one of the first times that a highly-visible analyst has gone against the grain of previous speculation, suggesting that the iPhone 5’s changes would only be internal.

So can we expect a redesign or not? Consider this: Apple is on an unprecedented run right now. They’ve exceeded sales projections for a consecutive 13 quarters up to this point. If they released a product similar to the iPhone 4, in the face of quality Android offerings, their streak would undoubtedly come to a halt.

Of course, there is still the possibility that Apple could be introducing 2 different models of the iPhone this Fall. A low-end version that looks similar to the iPhone 4, and a redesigned flagship model to take on the competition. Whatever the case, it certainly looks like the next few months will be anything but boring.

What do you think? Modest upgrade, major upgrade, or both?