Apple rumors are a dime a dozen these days, but we tend to give a little more credence to them when an established website provides a first-hand report. iLounge today said that it has already played with the fifth generation iPad and learned a few insider bits on the iPhone 5 and a newer, cheaper iPhone.

The gist is that the iPad 5 will be thinner than the current model and will pack a beefier processor and better display. I’m not denying that iLounge may have seen the device, but those are all expected enhancements for the next generation iPad anyway. iLounge does give us a little to chew on though: Apple will apparently launch the iPad 5 in October.

The site also noted that Apple is apparently working on a plastic iPhone and an “iPhone +” with a 4.7-inch screen, not an iPhone with a 4.8-inch display. That sounds fishy to me. The low-cost device, which Apple has publicly denied, is apparently being designed for China Mobile – the world’s largest wireless carrier. I think Apple will eventually score a deal with China Mobile, but I can’t see it ever dropping the quality of its products and selling a plastic phone in place of the iPhone 4, iPhone 4S or iPhone 5.

As for the rumored larger-screened phone – I think it would make sense for Apple to enter the arena, especially as it continues to compete with Samsung, although Tim Cook also recently suggested the firm won’t move beyond 4-inchesiLounge said the device is only in “early prototyping stages,” however, so it may not ever see the light of day anyway.

The whole report seems to be filled with “ifs” and “maybes,” though, so we’re wondering how close to Apple the source is in the first place.

Source iLounge