Unless you have been living in a cave the last year and a half, and are unaware of current iPhone news: Apple will be discussing our favourite iOS based mobile and other topic during a special event scheduled today at 10AM PT.
My guess is that the announcement will cover iCloud heavily, new features of the iPhone stable of products, and the integration of refined voice control technologies. My instinct also tells me to believe the rumours that the iPhone 5 will be exclusive to Sprint (US mobile carrier) until Q1 2012.
Update 15:19: This was probably one of the most yawn inducing Apple product announcements in years. The iPhone 4S not the iPhone 5 was unveiled, with incremental hardware upgrades, integration with the voice-recognition app called Siri that has been available on the App Store for a while now, a Dropbox-like service dubbed iCloud, Sprint is now a carrier selling the iPhone 4S (big shocker) and the killer feature of sending real printed (yuck) greeting cards now supported by the newest Apple mobile. Totally underwhelming and I wish I had the two hours back.