Before the iPhone 5 was released, the Verge had a leak of what Apple's next phone would look like.
It would get rid of the home button and be almost bezel free while the former home button being a gesture area.
http://www.theverge.com/2011/04/22/iphone-5-design
So whatever is released, it's been in development a long time. It's been in development with SJ involvement.
I also expect it be BE a teardrop design like the leak suggested.
Why?
Getting rid of the home button, people need a way to sense orientation easily without looking at their phone.
And it would probably require getting rid of the 3.5 headphone jack.
See how it all fit?