The MEDIA will report it differently, irregardless of whether the new phone has holograms or lasers, makes free beer or is able to summon promiscuous mermaids.
If it's called something like an iPhone 4GS, the MEDIA will say 'Apple failed to deliver the much anticipated iPhone 5'. If it's called the iPhone 5, the MEDIA will say, 'Apple successfully delivers the new iPhone 5'.
A name does mean a lot. And people will line up more quickly for something like an 'iPhone 5' because it would SEEM newer and more advanced than an 'iPhone 4GS' even if it had all the same features.
That's a good point actually. Many people claimed disappoint because the 4S was not called 5.