So as you probably know, up until now there has always been a new iPhone released every summer. That is, in the US, there has always been a new iPhone on AT&T's GSM data network every summer. And since the GSM iPhone 4 came out on AT&T's network last summer, it would logically follow that the iPhone 5 (or whatever Apple decides to call it) will be released for AT&T customers this summer.
But where does that leave Verizon? iPhone 4 is going to be released on Verizon's CDMA network on Feburary 10, a full 7 months after iPhone 4 debuted on AT&T's service. If Apple keeps their release schedule on Verizon similar to AT&T's, that means that iPhone 5 will come to AT&T this summer, while Verizon will have to wait until February 2012 to get the iPhone 5. This makes absolutely no sense.
So here's my wild theory, based on absolutely no real evidence.
CDMA iPhone 4 comes out on February 10 on Verizon as planned. Then, in the Spring, the white iPhone 4 will not come out, despite what Apple said last October. In June, Apple will announce a simple iPhone refresh, probably still called iPhone 4 or something. In this refreshed iPhone 4, Apple will nix the 16GB version and lower the price of the 32GB version by $100. They will also introduce a 64GB model, a first for iPhones. The A4 processors in these iPhones will also receive a minor speed boost. And finally, these new iPhones will be sporting a new hybrid CDMA/GSM cellular chip, which will make it so that the phones work on any carriers' networks, but unfortunately will only see wide usage for a year. This is because in summer 2012, an LTE-based iPhone 5 will be released on both Verizon and AT&T.