With speculations that iPhone 5 is coming soon, a lot of people are holding on from buying smartphones. At the back of their minds, the most common question is when is the iPhone 5 going to be released and what will it have. Apple missed their usual July release date and while speculations as to why Apple is taking so long to release the iPhone 5, it is safe to that the delay is caused by the rapid rise of Android and Apple’s aspiration to stay ahead of its competition. Rumors suggest the iPhone 5 will have a bigger screen(maybe 4-inches), faster A5 processor(the more powerful chip that Apple added to the iPad 2 earlier this year), 8 megapixel camera(up from the 5-megapixel model in the iPhone 4) and high possibility a redesigned body. Some analysts said that Apple also intends to launch a line of low-budget iPhones with the intention of attracting customers in developing countries. The iPhone 5 release date is expected to be early October, with many pointing to Friday October 7.