In fact, I wouldn't be surprised the iPhone 5 will be like this:
1) It goes to a 4" display.
2) It will look like a thicker version of the 4G iPod touch, but instead of shiny aluminum back it will have a brushed aluminum back. A Liquid Metal brushed metal look back may not be far-fetched.
3) It will have both black and white fronts surrounding the 4" display.
4) There will be two antennas, one for cellular network connectivity that works with both GSM and CDMA and one for Wi-Fi and near-field communications (NFC) connectivity. The cellular antenna will be on top of the case and the Wi-Fi/NFC antenna will be on the bottom of the case (based on holding the iPhone 5 in portrait orientation).
5) It will keep the current VGA-resolution camera sensor in front for Facetime and the five-megapixel camera sensor in back with digital auto-focus and LED flash.
6) Apple will include an adapter for the 30-pin iPod/iPhone connector so you can connect a Micro USB cable for device charging purposes.
7) If possible, the iPhone 5 will be offered in 16, 32 and now 64 GB versions.