A TechCrunch report based on information from "two solid sources" will be a major revamp focused on cloud-based services, including a possible "music locker"  and location-oriented service. Expect iOS 5 to be previewed at , slated for June.

APPLE IPHONEYS:  

Apple is widely expected to roll out a new iPhone, possibly called the iPhone 5, at WWDC, and there’s speculation that an addition to Apple’s iPad tablet computer line (iPad 3?) might debut in the fall alongside iOS 5. A might boast a retina display and other new features or size options, going beyond the new . 

Ever since Apple released the first iPhone in June 2007, the company has provided an iOS preview/roadmap in spring followed by its release with the new iPhone version. While WWDC will be held in June, it will technically still be spring, but the new version of iOS isn’t expected to be available until the fall now.

earlier this month, bringing with it Personal Hotspot, faster Safari browsing and iTunes Home Sharing.