A number of iFans members are reporting that their iPhone 5 preorders have started showing up as “Preparing for Shipment.” I can confirm that my order has also switched to this status. Forum member EMH points out that
Also, you can probably track your shipment via UPS now, even though it doesn’t say shipped. Go to Track by Reference and type in your billing phone number (i.e. the number associated with your address) as the reference, you shouldn’t need anything else. Mine is currently in ZhengZhou, China and is ready for the UPS to pick it up.
I have not been able to check the status using this approach, but your mileage may vary. Has your order status changed?