iPhone 5 is almost 100% certainly coming out this year, most likely september. The white 4 is irrelevant, its a year old phone and the galaxy S II is light years ahead.
It will be a bigger upgrade from the 3GS to 4, i didn't even bother as you only really got a camera and the applications didn't stretch the processor until more recently. Retina was the only thing i wanted.
Expect the A5 chip from the ipad 2, a different shell (Apple doesnt like the iPhone 4 shape any more) and as thin or thinner than the iPad 2. Also expect an 8MP camera. Other than that who knows?!
iPad 3 will be an iPad 2 'pro' with a better screen (maybe retina) and possibly thunderbolt connections. Everything is speculation though with Apple.
From Stuff
According to the Korea Times, while talking to a bunch of reporters about LG's Retina Display he let slip more smartphone manufacturers will release new models employing LG's Retina Display "that has been used in iPhones and iPads"
Im holding off an iPad 2 until i see what gets released, again a September date is likely.