This is absolutely just a rumor, but it seems as if some are pinning October to be the launch month for the next iteration of Android (Key Lime Pie). This isn’t too far from my initial guess of November considering Google tends to release a new Nexus device alongside a new operating system around mid to late Fall. Nonetheless the sources also mention that Google plans on making Android 5.0 optimized to work fluidly on lesser powerful devices with 512MB of RAM.
I think this is great as it shouldn’t take a quad-core beast for Android to be completely smooth, look at the iPhone and Windows Phone for example. Either way lets just wait and see what the big G has in store for us Android fans in the next couple of months leading towards fall.