Where's the Antenna?
That picture, whether a real product or not, will never be an iPhone. Jony and the rest of industrial design would love it, but unless the antenna team just produced the greatest antenna of all time, its not happening.
Basically, if you look at the back of the iPhone 5/5S, you can tell there needs to be separation between the metallic backside to give the antennas room to "breathe". And we're not talking just WIFI, it'll no doubt have GPS+GLONASS, LTE (4G), UMTS (3G), GSM (2G), and on and on and on. Plus a diversity cellular antenna.
If you look at the back of the HTC One, you can see how important a gap is to define the antennas.
Hence, without space for an antenna, that product would just be a brick.
Read more:
antenna-theory.com