Oh, the iPhone 5 rumors. How they capture the hearts and minds of us all.

Rumor has it now that the device, which is supposedly back to being an actual new device, as opposed to an upgraded iPhone 4, will be announced in August at an Apple event, and it will even have a completely new design.

The latest comes from Boy Genius Report, which says, “We have been told by a reliable source to expect a radical new case design for the upcoming iPhone, though we have not been given any additional details surrounding the design of the new iPhone case. What about a release, then? The consensus is that Apple is going to announce the next-generation iPhone at the company’s annual September event, traditionally focused on iPods, but we have heard it’s quite possible Apple will break tradition. According to our source, Apple may hold an event in the beginning or middle of August to announce the new iPhone, with availability to follow in the last week of August.

Some past rumors have had the device coming with a larger screen, and a faster speed in general. It would not be surprising if it turns out to be lighter and thinner, considering how this turned out to be a huge upgrade from the iPad to the iPad 2.

iOS 5 was of course revealed at Apple’s Worldwide developers conference earlier this month. It includes 1,500 new APIs and 200 new user features, including an Android-like “notification center,” a Newsstand feature, built-in Twitter integration, some Safari upgrades, camera upgrades, game center upgrades, and the big iCloud release.

iOS 5, while the SDK is currently available for developers, will ship to customers in the fall. It sure would be nice if there were a whole new iPhone to go along with it.