iOS 5 release date?

[The Game]

...no

 

[DaveM]

This is going to sound really stupid but are you saying I won't have to buy the iPhone 5 that I can upgrade my os on iPhone 4

Yes, you can. It's even compatible with the 3Gs. See the bottom of this page:

Apple - iOS 5 - See new features included in iOS 5.

 

[farriseu]

The iOS 5 will be compatible with iPhone 3GS, iPhone 4, iPad and iPad 2, iPod Touch 3rd and 4th generation The official release date for this software is on the Fall of 2011. By the end of 2011, its impacts among the users will be felt.

Source: iOS 5 Release Date