Apple iPad 3 to be slightly thicker, iPhone 5 longer so as to accommodate a 4" display30
Most of the iPad 3 stuff we've heard already, but the Fresh Prince of rumors now is that the iPhone 5 has lost its teardrop shape, that was supposedly in a prototype canned this year by Steve Jobs himself. It is now allegedly 0.31" (8mm) longer, in order to accommodate a larger 4" display, and will have metal casing. That one could be aluminum, or maybe it will be that Liquid Metal alloy stuff that Apple bought, which keeps the same color even if you scratch it deep, like Nokia's new polycarbonate chassis on the Lumia 800 Windows Phone.
All rumors and speculation at this point, and will likely stay that way until next summer, when the iPhone 5 is said to be released, but we'll undoubtedly have fun guessing in the meantime.