The first is that an August 7th launch date would signal a rushed release compared to the iPhone 4S. Here's a look at past iPhone release dates:
- iPhone (original): June 29, 2007
- iPhone 3G: July 11, 2008
- iPhone 3GS: June 19, 2009
- iPhone 4 (GSM): June 24, 2010
- iPhone 4 (CDMA): February 10, 2011
- iPhone 4 (White -- GSM and CDMA): April 28, 2011
- iPhone 4S: October 14, 2011
An iPhone 5 launch three weeks from now would mean that Apple waited less than 8 months since the last major iPhone release, which feels slightly rushed compared to previous launches (though not by much).
More importantly, however, Apple said iOS 6 will ship this fall. Launching the iPhone 5 in advance of iOS 6 is a strategy Apple probably won't employ.
The bottom line? Sit tight if you're holding out for an iPhone 5. It's coming, just probably not in three weeks.