It's not the wink-wink, nudge-nudge controlled leak we've come to expect from The Wall Street Journal, but according to their supply chain sources "familiar with the situation", iPhone 5 might indeed have a new casing:
According to some suppliers of components to Apple, the new version of the iPhone is expected to be thinner and lighter than the iPhone 4 and sport an 8-megapixel camera. One person said the new iPhone will operate on Qualcomm Inc.'s wireless baseband chips.
Though not the Qualcomm chips that run on LTE, as those [aren't expected to be small and power-efficient enough until 2012. The WSJ is also rumoring that Apple intends to manufacture 25 million of them. That is, if manufacturers can produce them fast enough. Despite Apple having nearly $70 billion in the bank, enough to finance factories, get cut rate prices, and lock their competition out of next-generation production techniques and components, they've struggled to produce enough iPad, iPhone 4, and iPad 2 units to meet the skyrocketing demand.
That, and not making a wafer-thin, anti-gravity iPhone is going to be the key problem for Apple to solve moving forward.