A new rumor from Boy Genius Report claims that Apple's next gen iPhone will in fact be a major revamp of the current iPhone 4. As the above concept from This is my next shows, the iPhone 5/4S could very well have a slimmer, 'teardrop' design with an aluminum back.
BGR's sources peg the next iPhone announcement for August, instead of the September reports we've been hearing. Instead of an unveiling at Apple's usual music event in September, Apple could break tradition and hold a stand-alone event for the next iPhone in mid August.