Report: No iPhone 5 or smaller iPhone until 2012; only "iPhone 4S" coming this fall?

According to a note by BMO Capital Markets analyst Keith Bachman, Apple's next-generation iPhone, dubbed the “iPhone 5″ by the press, “will launch in mid-2012.” This has lead other analysts to believe that a smaller update to the iPhone 4, dubbed the “iPhone 4S,” will occur sometime this fall, possibly around the previous rumored September timeframe. 

Meanwhile, RBC Capital Markets analyst Mike Abramsky believes that the long-rumored smaller version of the iPhone will also be released sometime in 2012. The device will likely be a smaller, cheaper version of the iPhone 4 and Abramsky refers to it as the “baby” iPhone.

This news comes just hours after Abramsky predicted that the iPhone 3GS will become free under a two-year contract when the next-generation iPhone is released.