Analyst: iPhone 5 Could Be 'Most Promising' Apple Launch Yet

New iPhone hysteria is in full swing, and Apple hasn't even sent out invites for its rumored Sept. 12 event yet. When the next-gen iPhone does finally make its debut, however, one analyst believes it could be one of the most spectacular debuts Apple has ever seen.

"We expect the iPhone 5, for both investors and consumers, has the potential to generate the most promising device upgrade cycle in Apple's history," Craig Berger, an analyst with FBR Capital, wrote in a recent note to investors.

Berger predicted that over its life cycle - likely the next two to three years - the iPhone 5 could sell as much as 250 million units, "representing one of the largest single product opportunities in Apple's history," he said.

While contracts and upgrade cycles might put a damper on the number of people who upgrade in the U.S., Berger said FBR's analysis shows that people are usually driven more by the product than their eligibility status. Shiny new phone trumps early termination or upgrade fee, apparently.

Meanwhile, if China Mobile the iPhone, that could drive 13 million in sales during the first half of 2013, Berger said. China Mobile currently has about 43.5 million subscribers.

"Together, we expect the two positive catalysts will help drive one of the largest and balanced product cycles in Apple's history," Berger wrote.

Berger said checks with suppliers suggest that Apple is ordering between 18 to 20 million iPhones per month.

Meanwhile, Berger said it is "possible" the iPad mini will also be on tap for Sept. 12. "Rather than being a smaller version of the new iPad, we think an iPad Mini would more likely be a larger version of the iPhone 5, with most of the same suppliers and components used," he wrote. "We have not factored in any device volumes for the iPad Mini, as our visibility into this device remains low. If Apple were to launch the iPad Mini, we think that would present another catalyst for Apple's critical device suppliers."

Berger is not the only one predicting big things for the iPhone 5. Jefferies analyst Peter Misek that the device will result in the "biggest handset launch in history."

For more, see PCMag's iPhone 5 rumor roundup slideshow below. Also check out PCMag's as well as .