After all the buzz about the iPhone 5 debate over an August or September launch date in 2011, the fifth-generation iPhone along with the cheaper progeny will not be launched until 2012, according to Wall Street.

Analyst Mike Abrahamy says, instead Apple will reduce the price of the existing iPhones to attract more customers. He thinks Apple will make a carrier-subsidized iPhone 3GS free, sell the iPhone 4 for $99, and if it launches, price the iPhone 5 at its usual entry point of $199/$299.

However, the older iPhone processor may not optimize all the software upgrades Apple plans to launch this fall, like iOS 5 and the iCloud locker and music service which will be launched this year.