There will be a new iPhone this year, probably the iPhone 5S—you can count on that. But when we'll see it is the biggest question. Infamous Piper Jaffray analyst Gene Munster says Apple will release it this June and—shocking—it'll include incremental upgrades.

Apple has stuck to the same iPhone upgrade model over the past several years, so it's not difficult to surmise the next one up will get an upgraded processor and better camera. That's how the company did things with the 3G/3GS and 4/4S; smart money is on the company doing that yet again.

Munster says there's an "outside chance" the device will include NFC, and maybe even some form of biometric security. But Munster isn't sure. Nobody is sure except for Apple.

Munster also believes Apple will introduce a low-cost iPhone in September, citing the company's iPod/iPod Shuffle lineup as an example of Apple's high/low model. Many rumors have suggested Apple's low-cost iPhone will be similar to the iPhone 5, just cheaper—or not.

Apple last year held its iPhone event in September, so that would mean the company will break up its fall announcement cycle and go back to the summer. That seems unlikely, but plenty of big devices are coming out soon from HTC and Samsung, and Apple might be feeling the heat a little more than usual this year.