This is terrible news! An elongated phone does not make sense at all! I like the current screen size. I am willing to go a bit bigger but I want it proportionally bigger. I know people complain about every new iPhone that comes out. But this is completely different. The iPhone 4/4s always looked sexy. This is plain stupid and I hope to God that somehow this isn't true. I don't know what I am going to do.
Oh come off it, the iPhone could have had this screen size since day 1 and they could be shrinking it to 3.5" now and you'd still complain.
Personally, I can't wait.