1. If the iPhone 5 would of been launched during its normal Summer time frame, it would of been a GSM model only.
2. Is the reason why it hasn't been released yet due to a manufacturing delay / issue or did they want to spread out the time from when the Verizon iPhone 4 was launched?
The iPhone 5 design:
--Will be a dual band phone. (GSM/CDMA)
--Will not be a LTE phone.
--Dual core A6 processor.
--Outer structure material will be made of Liquid Metal and be wider.
--Thinner glass that will be on both sides but will fit inside of the outer structure.
--Will be 20-30% thinner.
--Have the same antenna design as the Verizon iPhone with the addition of the micro-SIM slot.
--Will have a bigger screen. I say 4" but will still look like the iPhone 4 and not have the LCD screen go right to the edges.
--The same design / form as the iPhone 4
--Better camera front and back and brighter flash.
--Touch "Home" button
--Better battery.
--September 2011 release.
Possibly:
--No dock connector (Wireless only)
--Wider mic and speaker
--Magnetic / wireless charging.
--New technology battery
There are a lot of obvious changes mentioned above and it is a more radical design, but Apple redesigned the iPad after the first year so you never know.