If you think about it, the icons that are visible within all of Apple's Apps and the IOS software all of the time on the iPhone are: Signal Strength, Mobile Network, Wifi, Time and Battery Life.
This information would best be placed in the bezel. It would also then be possible to monitor your battery life when playing a game (very few games have any of this information visible because they prefer to utilize the entire screen so that your are immersed. One of the reasons is because the screen is not really as big as it could be.
Hopefully the screen will be extended wider to the edge of the bezel in the iPhone 5. And what a waste of space that pesky round home button is. Once you have woken your phone using the lock button everything else could be done with gestures alone - and the lock puts it back to sleep. Lets ditch the home button!
Instead we can have a small neat row of secondary icons along the base of the phone. These would signify number of missed calls, voicemails, unread sms messages, notifications. Now i dont even need to turn my phone on as picking it up (or shaking it) would illuminate the secondary icons giving me visual feedback of the time, date and any calls or messages I may have missed and i can even see if the phone is low on power too without using more power to turn on a retina display screen.