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Nice analysis!
But i don't think the white iPhone 4 is the iPhone 5.
Apple needs to release a hardware update to the iPhone 4, basic competition.
Btw, what happened to the larger screen?
White iPhone 4 could be a cover for the release for the iPhone 5. They could launch at the same time. The iPhone is due for a hardware update - I really don't know what they are waiting for. Perhaps they're holding off for something.
Larger screen - I think it would damage the iPhone's aesthetic looks - just stretching the screen would be a little difficult in terms of hardware (The bezel is needed, I believe, to hold the screen in place. I'm not an engineer, unfortunately, so hardware design isn't up my alley.)
I predict the larger screen will accompany the possible hardware redesign in the iPhone 6, with the iPhone 5 retaining the current design of the iPhone 4, with the improved specs to keep things competitive.
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Keep up with the good blog!
Thank you very much for the comment.

It's really appreciated.
Interesting writeup.
I can wait a little longer for a new iPhone, especially if the camera is 12mp (I read that rumor somewhere

)

12MP is... most likely impossible. I've recently read an
article from Tom's Hardware and it seems that 12MP cameras aren't out on the mass market yet... and Nokia is well known for its hardware capability, so it would be quite unlikely for Apple to have.
What would be more likely to happen would be to have a better sensor in the camera (Supplied by Sony - a recent MR article detailing how they were giving Apple the 'best cameras' they had.) instead of chasing megapixels.