The iPhone 5, expected to drop in September, could have more features than previously thought, according to one analyst.

Sterne Agee analyst Shaw Wu said there's a reason why people should buy an iPhone 5 without 4G support, especially if an LTE phone will eventually come. This, he said, is because the iPhone 5 will have a lot more features than expected.

"Well, it turns out that we are picking up that this interim iPhone refresh in the Fall timeframe could be a bigger upgrade than we expected," Wu said.

Among the things that will be included in the iPhone 5, according to Wu, is a dual-core processor (which is currently found in the iPad 2) and a larger display than the iPhone 4. The iPhone 5 will have a similar form factor to its predecessor but will have a thinner frame.

"We believe this keeps the iPhone fresh and competitive and helps maintain its leadership position," said Wu. "However, we continue to pick up indication that it will not likely incorporate 4G LTE due to battery life issues and spotty network coverage. And ironically, if anyone is in a position to fix these weaknesses, it would be AAPL."

Meanwhile, RBC Analyst Mike Abramsky said the iPhone 5 will definitely be launched in September. He said data from overseas supply chain sources point to a September release. He also points to comments made by Apple executives during the company's recent earnings call, which indicated there would be a major product transition at the end of September.

Consumers have certainly take a shine to Apple products. That was never more evident than a recent PriceGrabber survey that indicated 35 percent of consumers wanted to buy an iPhone 5 sight-unseen.

"Our survey data confirms the strong following Apple has built around its iPhone, with more than one-third of consumers planning to upgrade to the latest model only a little over a year following the release of the iPhone 4," said PriceGrabber GM Graham Jones.

BMO Capital Markets analyst Keith Bachman recently raised his estimates for Apple's sales of the iPhone. He also lifted his price target for the company to $465 from $450, due to the impending release of the iPhone 5.

Follow Gabriel Perna on Twitter at @GabrielSPerna