I'd really prefer 5" with a reduced bezel. But you can't win them all. I think having a 4" and 5" lineup would be perfect and simple.
If Apple's smallest phone ends up being 4.7" then watch all the Android makers start doing 3.5-4" screens to fill that market. Unfortunately that's a market that exists for women like my wife who have small pockets and miss even their 3.5" iPhone. She has tolerated the 4" screen but about freaked out when I told her they're going to increase the dimensions again.
If Apple's smallest phone ends up being 4.7" then watch all the Android makers start doing 3.5-4" screens to fill that market. Unfortunately that's a market that exists for women like my wife who have small pockets and miss even their 3.5" iPhone. She has tolerated the 4" screen but about freaked out when I told her they're going to increase the dimensions again.