TechCrunch reports that two "solid sources" have said Apple will hold off on unveiling the next iteration of iOS, version 5, until this fall instead of debuting in the summer as in years past. If TechCrunch's sources are correct, the iPhone 5 is still likely to debut in the summer, but it will be running a flavor of the current v4 iOS.
In addition of launching in the fall, TechCrunch's sources state that iOS 5 will be a "major revamp of the OS" that will include:
an heavily cloud-based iOS, with several new services
a "music locker" service to coincide with the introduction of new iPods
a location service that focuses on finding friends and family members
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