BGR reports that Apple will begin shipping the iPhone 4S in late August alongside the iPhone 4 and the iPhone 3GS. While the iPhone 4S will maintain the normal $200 price, the iPhone 4 will be discounted to $50 or $100, and the iPhone 3GS will be sold for only $350 without a contract, or for free with a 2-year contract. This will allow Apple to sell smartphones in the high, medium, and low price ranges.
As for the iPhone 4S, I'm guessing it won't be much of an improvment over the iPhone 4 because if it was case designers probably would've leaked a new case by now. However, it may have an 8MP camera, an A5 processor, and iOS 5, all of which are fair improvments.
