According to the rumors iPhone 5 is currently geared for production, with sample device floating around. The Device will have 4+ inch display screen, will be longer/wider than the other iPhone and won’t have the same iPhone 4/4S form Factor. It is also mentioned that none of the version is finalised yet.
It can’t be said, that the iPhone 5 will have above mentioned detail and there’s no way to say either these reports are true. However the rumors have given us some clues, about how the device would look like when it is finally unveiled this year.