Nope. 5", 16:9, 960 x 640 screen
Lower PPI, all apps run the same, stuff is just bigger.
Same reason developers don't have to do anything (for most apps) for the iPad Mini.
Not that I think it's a strong possibility, but this could work especially if it's for a "low cost" market (cheaper display, probably A5 Soc, etc).
That would be ridiculous for Apple to bring out when all competitors are bring out 5" 1080p phones now.
It would be the beginning of the end.