I lost my iPhone (sad face)?

It was the older one. The 3gs. And i've been holding on to it waiting for the latest iPhone to be released. It's supposed to be "unveiled" on September 12 and released September 21. Do you believe these rumors? Should i wait?

also, my phone is locked with a passcode and i also had the service suspended. Is there anyway the little thief can access my information?

The Information? Not necessarily. But the thief can override the settings and use the iphone as a brand new one.

I don't think your personal info is compromised.

You should have installed "mobile me", you could trace it then. No one can access your information, don't worry about that. Use the tracing app I mentioned on your next one.
Iphone 5 is out this month sometime.

Yes there's a way to unlock your iphone but for obvious reasons I will not tell how.

As for the new iPhone, I would just wait to listen to what new features are presented. If you really need a phone now, I would get a 4s or the Galaxy s3. Both phones are nice and do what you want.