Jimrod, I really think a lot of why Apple has stuck with what I'll call the "iconic design" is because to them, that's what makes an 'iPhone Product' an iPhone...so much so that they have a design patent for the front facia configuration.
For them it isn't about if or not it is technically possible to get rid of the extra. If they did, it wouldn't 'look like an iPhone'.
Does that makes sense to you...even if you don't prefer it?
-K
Oh completely, I'm a product designer myself and even now, working on a range of Bluetooth speakers I'm stuck with the historical baggage of the company and "old fashioned" speaker designs and expectations fitting with new tech and functionality. You have to keep an identity.
I think the difficulty Apple has is that the original iPhone was a great design, set a new standard. The "4" evolved that brilliantly as an evolution of the form factor. The "5" was a less successful evolution as the form factor, size in particular started to change, golden ratios didn't apply any more, length altered and nice touches like camera placement in line with corner radii were lost. The weight and "thinness" were handy counters to the less successful aspects of the design though.
The 6 has nice elements - "thinness" and rounded edges will be winners for sure but they're now starting to compromise the design ethos even further with protruding cameras and ever-uglier antenna breaks. The length due to home button and symmetry is starting to look more and more awkward. It's time to either evolve more or even go back to the drawing board and innovate once again. "thinness" is a nice selling point but it's no game-changer any more and is compromised by the overly long form factor of the 6 which hangs on to previous generations design elements a little too strongly.
In my opinion, for what it's worth!