Apple has seeded seven beta versions of iOS 5 to developers and it is expected that iOS 5 beta 7 will be the last beta before iOS 5 hits the Golden Master version.
There was however a claim about the release of iOS 5 beta 8 on 16th September which proved false.
Apple has now made an announcement on Apple Developers board that it will be resetting all iCloud backup data on 22nd September,2011.
The announcement states-
On Thursday, September 22, the iCloud Backup data will be reset. Backing up to iCloud or restoringfrom an iCloud backup will be unavailable from 9 AM PDT – 5 PM PDT. If you attempt a backup orrestore during this time, you will receive an alert that the backup or restore was not successful. After this reset, you will be unable to restore from any backup created prior to September 22. A full backup will happen automatically the next time your device backs up to iCloud.
However, no reason was stated for the back up but it is being expected that Apple has plans to release iOS 5 GM on 23rd September
By releasing iOS 5 GM Apple will be ironing the bugs if any, before the final release of iOS 5.
It is to be noted that iTunes 10.5 beta 8 was released without the corresponding release of iOS 5 beta version which also leads us to expect a possible release of iOS 5 GM soon this month.
After the release of iOS 5 GM Apple will be sending it to overseas assemblers to be loaded in the next generation iPhone.iPhone 5 will have in-built iOS 5.
A Media Event on 5th October will be held where Apple may announce iPhone 5 along with iOS 5, iPod Touch 5G and a 3G enabled iPod Touch.
iOS 5 comes with awesome 200 new features which includes iMessage, Twitter Integration and OTA to name a few.
To know more about the iOS 5 you can watch the official promotional video of iOS 5 and iOS 5 new features video.
Users who are running iOS 5 beta in their idevices should back up their data using iTunes.

I’m always a bit hesitant when I see several “betas” come out. Apple has had many issues previously, killing devices, disabling them etc. I would wait for the reviews.
Barry Wheeler´s last [type] ..The Truth About Quality vs. Quantity in Blogging