Every year there's a major industry gathering where we all want to be: Apple's iPhone release event. During past years, this occurred during the company's Worldwide Developers Conference (WWDC), but this year is different. The first signals were in March, when an earthquake shocked Japan. But wait -- what this have to do with Apple? Most of the iPhone components are made in Japan. So the earthquake forced some of the firms to shut down -- the first indication of a delay. During the summer, WWDC 2011 brought iOS 5 and iCloud, the Cloud solution adopted by Apple. Still, no word on the next generation of iPhone. Rumors are rampant and most industry insiders are predicting a mid-October release. Here's what we are expecting. What we know for sure (from specialists and analysts) is that Apple will release two iPhones this fall: one will be a cheaper version of iPhone 4 (with 8 GB memory) and the other one could be iPhone 5/4S. Design We're consistently hearing that the next iPhone will have an improved design -- some say this will be more rounded while others say it will keep the same shape. Also, the reinforced-glass, which was on the back of iPhone 4, will be replaced with a metal chassis. Screen Last month, the buzz was that the release would have a bigger screen (4 inches). Now we're hearing the display will be smaller than that -- 3.5 to 3.7 inches. Software & Hardware The next iPhone will surely come loaded with the latest version of iOS 5 and iCloud. The new Apple A5 dual-core processor chip and an improved camera sensor (Sony 8-Megapixel is the leading contender) are also highly anticipated for the wonder gadget. After a year of rumors, this October is going to be a crucial month for Apple, which recently lost its main mentor and CEO Steve Jobs.  The industry is anxiously awaiting invitations to a launch event but, as of this writing, there is still no official word. Still, analysts tell us they have reliable sources that the release will take place next month. Source: DigiTimes, MacPost, Thisismynext Image Credit: MacRumours