Will there be a Verizon iPhone 5 this summer?

Now that the Verizon iPhone 4 is out one of the questions we're getting hit with the most is -- will there be a Verizon iPhone 5 this June. In other words, should they wait, not buy now and get into a contract, and wait for the next generation iPhone in 5 months?

Here's the deal -- no one knows. This is a new cycle and there's no history to base a guess on. Apple usually releases new iPhones every June but they've all been the same GSM/AT&T iPhone. The Verizon iPhone 5 could easily be updated again, shown off at WWDC 2011 alongside the GSM iPhone 5. It's a different radio chip and so requires it's own product testing, but it could be done. Or Verizon could get the iPhone 5 in February 2012, a year after they get the iPhone 4.

So -- big surprise -- it's a gamble. Buy a Verizon iPhone 4 now and maybe you won't be able to get an iPhone 5 in June, or at least with a high level of subsidy. But you get to use an iPhone on Verizon five months earlier than you would if you waited.

Our advice on all this remains the same -- if you can't wait, if you have to have an iPhone on Verizon today, buy it and don't worry about the future. If you can wait, wait as long as you can and then buy the best iPhone (or any phone) available to you and again, don't worry about the future.

If you've already thought this over, let us know what you're going to do!