Although widely expected, as it happened, there was no iPhone 5 in 2011 after all, but the company did announce the iPhone 4S.
But the Phone 5 will surely be with us later this year. So we've gathered together all the latest iPhone 5 rumours to give us a reasonable picture of what Apple's latest handset might be like.
You'll find all the rumours below, but why not check out our iPhone 5 rumours video first?
Given the pattern of Apple's iPhone launches, we're expecting the next-gen iPhone 5 to debut in mid to late 2012. We reckon it's most likely to be shown off at Apple's Worldwide Developer Event (WWDC), which usually takes place in early June - even if the focus of the 2011 event was software.
However, we reported in February that the new iPhone would be launched in October, falling into line with the same release schedule from last year, and Macotakara 'sources' confirming the Cupertino brand would be honouring the same upgrade cycle from now on.
Rumours keep appearing that the iPhone 5 release date is June 2012. It seems Foxconn is even gearing up for that date.
Production was also reported to be very close in late March 2012.
Unlike the iPhone 4S, the new iPhone will be a completely new design from what has gone before, so that means an entirely new casing as we saw with the iPhone 3G and, later, the iPhone 4.
Interestingly, someone who claimed to have seen a larger-screened iPhone 5 prototype said in November 2011 that Steve Jobs canned the new handset and opted for the iPhone 4S because of the larger screen size of the new device. According to Business Insider, it was feared that a new size would create a two-tier iPhone ecosystem.
Beatweek also claimed in November 2011 that the 5-inch was scrapped "because Apple wouldn't be able to do it properly" this year. However, the Daily Mail (make of that what you will) then suggested that a four-inch version was likely and that Sony has already shipped top secret demo screens to Apple.
Based on the roadmap of mobile chip design specialist ARM (of which Apple is a licensee), we'll see a quad-core processor debut in the new iPhone 5 - probably called the Apple A6. We know that we'll see other quad core handsets debut in 2012, so it's not too much of a stretch to say that the iPhone 5 will be the same.
We had expected some kind of help in terms of predicting the iPhone 5 CPU from the launch of the new iPad, but the announcement of a slightly tweaked A5X processor really didn't help things there.
After the new iPad's launch brought 4G to an Apple device, it's widely expected that 4G will come to iPhone 5. And with many 4G handsets already announced in the US, it can't be long before the iPhone supports 4G technologies - even if we won't even have a UK spectrum auction until 2012.
Cnet.com quotes Will Strauss from analyst firm Forward Concepts, who says that the next iPhone will feature LTE technologies."They're saving iPhone 5 for the LTE version and that won't be out until next spring," said Strauss.
Many sites have reported that Steve Jobs was working hard on the iPhone 5 project, which will apparently be a "radical redesign". We shall see... but the fact the iPhone 4S was so similar to the iPhone 4 suggests that Steve was working on something pretty special before
And if you're in a bit of a hurry, we've also got a handy iPhone 5 video detailing the latest rumours on release date, spec and more - so check if out for a quick fix of next-gen Apple fun:
The Wall Street Journal has previously reported that: "Apple is also developing a new iPhone model, said people briefed on the phone. One person familiar said the fifth-generation iPhone would be a different form factor than those that are currently available… it was unclear how soon that version would be available to Verizon or other carriers."
This has since been backed up by reports from Engadget, which state the design will be a 'total rethink'.
Various sources claim the iPhone 5 will feature a larger, 4-inch screen. Digitimes quotes the source as saying that Apple is expanding the screen size "to support the tablet PC market as the vendor only has a 9.7-inch iPad in the market."
On 23 May 2011, we reported on rumours that the iPhone 5 could feature a curved glass screen. These rumours also came from Digitimes, which said that Apple has purchased between 200 and 300 special glass cutting machines because they're too costly for the manufacturers to invest in.
In March 2012, new reports suggested that the new iPhone 5 would come sporting a larger 4.6-inch retina display, while April rumours even suggested the next iPhone will use new touch technology and will be encased in something called "liquidmetal."
There's been some speculation that Apple might include Near Field Communication (NFC) technology in the iPhone 5, turning it into a kind of credit/debit card.
However, with the tech being inside the Google Nexus S and Samsung Galaxy Nexus, as well as a host of other top smartphones, the time for NFC may finally be here.
On 24 June 2011 it was reported that the Google Wallet mobile payment platform could feature on the new iPhone. Eric Schmidt admitted that Google is looking to port the software to other manufacturers.
However, on 31 January 2012 9to5Mac claimed to have spoken with a well-connected developer who disclosed information received from Apple iOS engineers saying they are "heavily into NFC".
The developer in question has not been named, but is working on a dedicated iOS app which includes NFC reading for mobile transactions. When questioned how confident he was on the information he had received his reply was "Enough to bet the app development on".
On April 30 2012 an Apple patent filing reinforced the idea NFC in iPhone 5.
Sony makes the camera for the iPhone 4 and iPhone 4S. Speaking at a live Wall Street Journal event, Sony's Sir Howard Stringer was talking about the company's camera image sensor facility in Sendai, a town that was recently ravaged by the recent Japanese earthquake and tsunami.
According to 9to5Mac, he said something along the lines of, "Our best sensor technology is built in one of the [tsunami] affected factories. Those go to Apple for their iPhones… or iPads. Isn't that something? They buy our best sensors from us."
Sources have also suggested the new iPhone could have an 8MP camera. Indeed, Sony announced in January 2012 that it had developed new back-illuminated stacked CMOS image sensors which are smaller in size.
If the iPhone 5 is an evolutionary step like the move from the iPhone 4 to the iPhone 4S then we'd expect the price to stay more or less the same, although in the UK higher VAT rates may well mean a higher price tag.
It's pretty much nailed on that the new iPhone will cost around £500 for a 16GB / 32GB model (depending on the capacity Apple whacks in there) and unless the iPhone 5 comes with some truly next generation technology that pricing model should hold firm.
TechRadar is renowned for its detailed phone reviews where we look at every aspect of a handset, and we'll be bringing you a full, in-depth iPhone 5 review when we get our hands on one.
