The iPad 3 looks like it is slated for Q4 release. Pretty hard to find out any details about the iPad 3 except that it looks like the screen resolution will be a bit higher and the screen size may be larger as well. At this point no one is sure if the requested USB port will be available for the 3. Although with apps like Dropbox it doesn't seem to be as big a deal as everyone makes it out to be.
What would you like to see on the iPad 3?
As far as the iPhone 5 goes, looks like early October is the rumored release time frame. One of the big knocks on the current versions of the iPhone is that it is not a true global phone. With Sprint now set to carry the iPhone 5 it looks like the 5 will run both GSM and CDMA.