The new iPhone is indeed called the iPhone 5. The big changes are to the screen and the connector port. The screen is bumping up to 4 inches, allowing another row of app icons, and the venerable 30-pin connector has been retired in favor of a smaller connection Apple is calling Lightning.
New iPod Touch and iPod Nano
Also refreshed was the iPod line, bringing the Lightning connector to it as well, and the 4-inch screen to the Touch, while the Nano got upsizing that will make it better for videos.