Surely the twin lens module is wider and NOT thicker. As the 7plus is no thicker than the 7. So it could be an upsell/differentiation thing or it could be a packaging issue, i.e. there isn't room for the 'wider' twin module in the 4.7 model.
Of course the dual lens module is wider, but if it displaces other components then space must be made for them, and the best way to make more space is to make the phone thicker. Usually the components can be stacked higher and/or the battery volume is preserved by making it thicker. They could also just make the phone wider or longer, but it's already crazy thin so adding thickness makes more sense.
Of course there is also the space freed by the loss of the audio jack. That would actually be a good excuse for losing the jack, "we had to give up the audio jack, but the iPhone now takes the best photos of any smartphone on the market!" Too bad Apple didn't take this route and offer the dual lens camera on both size iPhones.
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Did it ever occur to you that maybe, just maybe, there isn't room for dual lens cameras on the smaller sized phones? Things tend to be packed pretty tight inside those casings.
Since Apple engineers their own phones they determine exactly how much space will exist in a given model. If they wanted a dual-lens module in the 4.7 incher then it would happen. All that's needed is to stack a few components or reshape the battery for a thicker device. Remember, they gimped the camera on the 4.7 incher from the start with the single lens OIS camera reserved for the Plus size, despite the fact that most iPhone competitors offer OIS cams in phones with displays similar in size to the 4.7 inch iPhone.
Apple's problem is that Ive restricts the feature set with his uber-thin designs, and in doing so he ironically makes the phones less ergonomic.
Check out smartphones at a local retailer - the one's with thicker convex backs feel better in the hand and permit a more natural grip. Their camera lenses are also flush with the casing so they look sleeker.
I suspect a large minority of iPhone buyers would gladly give up some "thinness" on the 4.7" iPhone in exchange for camera parity with the 5.5" iPhone, while virtually no one would forego an iPhone purchase if it were a few millimeters thicker.
What I'd like to see from Apple (fair warning, I have no market research to back it up) is two iPhone lines, each in both 4.7 and 5.5 inch sizes. For the basic line use the single lens OIS cam with the same old displays. Introduce advanced technology on both sizes of the "pro" models, beginning with a dual-lens camera and QHD displays. Apple's challenge for the iPhone Pro models is to surpass the competition in key areas, much like the early iPhones led the market in camera and display quality. QHD displays are fine since they only need to display pixel perfect 4K video, but the dual lens camera
must absolutely dominate the smartphone market in terms of image quality. No more "it's good enough" from Apple, they need to get serious about camera image quality, to act like the ghost of Steve Jobs has returned to eradicate all the bozos in the iPhone camera division.
The iPhone Pro models will both justify premium prices and generate a nice halo effect and give Apple the lead in smartphone tech. If Steve Jobs were alive then I believe all of the iPhones would be "pro" models with competitive features, but the bozos who now run Apple seem to like adding extra models so that's what I've suggested: the "iPhone Pro" for the memory of Steve Jobs and the "iPhone" for Apple's current "It's Good Enough" motto.