The notion of the next gen iPhone being a "4G" device has been debated for quite some time. Originally, it was thought to be a possibility that the next iPhone could bring 4G/LTE data speeds, but then Apple made a statement during its last earning's call that 4G would "force a lot of design compromises" that the company "was not willing to make."
A recent update to AT&T's marketing strategy changed the requirements for a device to be labeled "4G," and it was thought that the next iPhone would fall under these requirements. Now, another analyst from BMO Capital is stating that Apple won't release on iPhone with 4G speeds until at least 2012.