Looks like someone took a 3GS and photoshopped what they imagined could be the iphone 5.
Decent amount of work.
I don't think Apple would take steps back. iPhone is gorgeous. Perhaps the best looking phone so far. 3GS was not bad itself, but in terms of appearance the 4 is better.
I also doubt they will go completely all aluminum. Because the first iphone was, and it had signal problems too. They want to plastic to help improve this. Then they went to glass and the current designs. All supposing to improve signal strength.
And iphone 4 was an improvement, outside of bridging the gap with your skin to potentially cause signal loss (doesn't happen to all iphones4).
Apple needs to move forward from here. Although a mockup of iphone5 using iphone4 dimensions with more aluminum might be more possible. Get the back glass replaced with aluminum or gasp, some sort of plastic to allow signal through.
The band around the iphone4 could also be tweaked and improved.
Let's face it, even with its flaw, the design of the iphone4 is a step in the right direction. The flaws would have been difficult to address in mass post iphone4 production, but could easily be fix within a year for the iphone5.
My prediction, iphone5 looks like iphone4 with antenna tweaks, [may support CDMA and GSM], A5 cpu; more RAM.
Not sure if more storage is necessary, like 64GB & 32GB... to replace 64GB, 32GB. I barely am able to fill my 32GB; and not because I can't. Its a pain in the butt to manage when you have that much data on the phone.
I dont see a point in more space until Apple or someone perfects the smart phone into a better than today phone-also-as-USB-mobile-storage. This would be sweet!
but many tried, and it's currently clumsy and forces you to trade off something (batter life, performance, etc).