The iPhone 5 rumors have been going on since well before the iPhone 4S came out. When Apple comes out with its next iPhone (most likely later this year), they may continue, with the next version very possibly not even being called the iPhone 5. We'll just have to wait and see.
Either way, one of the latest rumors about the next device in the insanely popular iPhone line is that it has entered the manufacturing stage. According to a report from Digitimes, Pegatron has begun production at its Shanghai factory. The publication cites "industry sources in Taiwan".
Last week, images of a white front panel surfaced, perhaps indicating that desires for a white iPhone 5 (or whatever it may be called) will be sated sooner rather than later.
No matter which color users are interested in, they may be getting a quad core processor underneath the casing.
It's worth noting that DigiTimes (also where the quad core processor rumor appears to have originated) has not always been accurate with these rumors, but a rumor is just a rumor, and they're careful enough not to report any of this as fact, but relaying info from sources.
The Wall Street Journal did report last week that the device is in production, but they're not always right either.
As with any rumor, they should all be taken with their respective grains of salt.
The device is expected to launch in September or October of 2012.
For a round-up of all the iPhone 5 rumors, keep an eye on our coverage here.