The iPad and iPhone rumors are coming fast and furious, and now comes a new report from iLounge’s Jeremy Horwitz that contains some new details on the 5th-generation iPad, and even Apple’s work on the iPhone 5S, and the rumored cheaper iPhone. Most notably, Horwitz says that he has inspected what is said to be a shell designed for the fifth-generation iPad, and that the device will adopt many of the features seen in the iPad mini’s design.

MacRumors:

“What does it look like? Well, it’s a lot smaller than one would guess was possible: in portrait orientation, picture a 9.7” screen with virtually no left or right bezels, and only enough space above and below the screen to accommodate the mandatory camera and Home Button elements. Beyond that, it’s noticeably thinner, as well, which is to say the the fifth-generation iPad will be smaller in every dimension than its predecessors. As it will have the same chamfered edges and curves, calling it a “stretched iPad mini” is very close to entirely accurate.”

Horowitz says the upcoming iPad is so much thinner and smaller than the current model, that it seems to require a complete redesign of the interior. The redesign will most likely include a shift to IGZO display technology, and smaller chip components.

While Apple had originally hoped to release the 5th-gen iPad in March, it looks like an October release is more feasible.

As for the iPhone(s), Horowitz says the iPhone 5S will appear identical to the 5, but will have a slightly larger rear flash. The rumored “budget” model of the iPhone with the plastic shell is believed to indeed be in Apple’s plans for 2013, focusing on China Mobile, as Apple looks for an “in” with the world’s largest wireless provider.

Horowitz also mentions that the “iPhone Math” is in development, but won’t appear this year, if at all.

Addressing the so-called “iPhone Math”—hinted by one source as a mistranslation of “iPhone +”—we’ve been told that this is another new model and in early prototyping stages, certainly not expected in 2013. It supposedly has a 4.7” screen, at least for the time being. It might never make it to market, and plenty could change before it does. Consider it Apple’s “just in case / Plan B” hedge against ever-growing Android phone screen sizes.Finally, Horwitz says that the rumored “iPhone Math” is indeed in development, but that it will not be appearing this year, if ever.

Horowitz has had a fairly decent track record on Apple product plans in the past, so he apparently does have some reliable sources. Of course with all the other rumors zipping through the intertubes, I thinkI’ll just sit back, relax with an adult beverage, and wait to see what really comes out of the campus in Cupertino.