Although Apple’s WWDC is just around the corner in June and some hope to see an iPhone 5 release soon after, we still feel its more likely to arrive in fall and news today reinforces an October launch. Although there has been concern over a shortage of Qualcomm 28nm chips it seems that Apple may be on the receiving end of some favoritism so the planned launch will not be delayed and there’s also some news on a redesign for the next iPhone.

First off we’ll look at the design news and although we’ve already heard plenty about a possible new look for the next iPhone, today’s information comes in a new report from well-respected Piper Jaffray analysts Gene Munster and Douglas J. Clinton. The May 21 research note says that a “completely redesigned” iPhone 5 will appear in October and that these analysts are “confident” in that October date. The redesign is said to include a new body style akin to the metallic back on the latest iPad and also expected are 4G LTE connectivity, an improved processor, better memory and upgraded camera.

The Piper Jaffray report also tells how there is a 50% chance that the iPhone 5 will have an increase in display size to 4-inches as the popularity of larger screened Android devices has been evident. Munster and Clinton also refer to the iPhone 5 as not only the biggest product launch this year but also the biggest upgrade cycle “in smartphone history,” according to eWeek. Now that’s quite an assertion and we can only hope that the next iPhone lives up to these expectations when it is finally released.

As far as the Qualcomm chips and release date are concerned Munster and Clinton point to the shortages of 28nm chips at present but expects that although supplies may be limited for some, that Apple will receive “favorable treatment.” However in the unlikely case that the iPhone 5 launch is eventually delayed because of a shortage of components it’s felt that this will not affect sales as it’s anticipated that customers waiting for the iPhone 5 will be likely to wait out any delay. Munster and Clinton point to previous iPhone launches with not enough available inventory ready as an indication that iPhone fans will wait to get their hands on it.

Over on Slash Gear the 28nm Qualcomm chip shortage is further discussed and although it’s noted that Qualcomm hasn’t even been confirmed as a supplier of next iPhone parts it does look likely that the baseband chip will come from Qualcomm. It’s also pointed out that until a teardown of the new phone takes place after its launch there will be no confirmation of which chip is being used.

Are you waiting for the iPhone 5? If so are you heartened by the fact a redesign looks even more likely? Maybe you were hoping for a release sooner than October but are glad there should be no delay for that timeframe if the Piper Jaffray analysts are proved correct? Let us know with your comments.