WWDC 2011 keynote is now made available for your online streaming pleasure. The Keynote provides two hours of Lion, iOS 5, and iCloud goodness. with download options and higher-quality likely coming later today in iTunes through Apple Keynotes.
iOS 5 brings 200+ new features to iPhone, iPad and iPod Touch. Checkout: iOS 5 Features list.
I believe that if they introduced iOS 5, iPhone 5 will be released? For when iOS 4 was released so was the iPhone 4, same with 3G, on 3.0 and 3.5 on 3GS ( i think )