Do most assume the SE won't be the first iPhone with no headphone jack? (mockups show a jack).
Seems that they'd make some profit from putting it in the SE model - plus they draw the sting out of making the transition for the 7 and 7 Pro in the autumn.
I have stated several times that there's a case to be made for releasing this phone with no 3.5mm jack since the internal space is already limited in the 6S (which is why they would most likely drop it), and the 4" phone is even more severely restricted. So it makes far more sense to drop it for this model when trying to squeeze the contents of the 6s into the 5s case.
Plus, it gives them an excellent market on which to test the removal of the headphone jack, as most 4" customers already have a pent up desire to upgrade, so no matter what this new 4" phone has, or doesn't have, there's likely to be a strong market for it.
It gives the market a chance to react and get used to it, but more importantly the manufacturers an opportunity to start gearing up development and production of Lightning and BlueTooth audio products in advance of the iPhone 7 launch, when the availability of those accessories will be critical for widespread adoption.
And it gives Apple a window in which to reverse their decision -- the 7 has most likely been designed with and without the 3.5mm jack. If the market reacts negatively, then there's still time to switch the manufacturing specs.
That said, Apple could be sticking their neck out on the 4" phone, not knowing how well it will sell. If they remove the headphone jack, it might stunt sales and further complicate their status on Wall Street. It could also give the competition a 6 month window in which to prepare for the 7 launch, with marketing campaigns designed to reinforce the Android phones which still have a headphone jack, as well as others that will launch with USB-C standard for connecting headphones, this edging out any chance of Apple getting a foothold in with Lightning.
And there's another consideration -- if this really is going to be a lower-priced entry level phone, or intended to be one next year in emerging markets, then they aren't going to want to remove the 3.5mm headphone jack for a customer group who can't really afford BT headphones as it is, nor to adopt the latest Lightning gear, at least until the prices start dropping significantly once demand increases after the 3.5mm jack is removed.
Given Apple's usual pattern, I'd say they will withhold releasing any major new changes until they are ready to release their latest flagship product, then subsequent refreshes will drop the jack.
Guys - let's say the internal is identical to 6S - except for 4" screen - would that distract people from getting 6S 4.7/5.5?
Why? If someone wants a larger screen, why would they chose a smaller screened device? How would that distract them? For those undecided, it gives them a chance to try them all out and the cards fall where they may.