is not cheap!!!
do not expect it go below $450. they are going to just replace iPhone 5C with $450.
iPhone 5C - $450
iPhone 5 - $550
iPhone 5S/6 - $650 - why not call it iPhone 6 if it has slightly bigger screen let us say 4.3" but same external look.
$450? It's not going to cost $450.
You don't seem to understand the purpose of this iPhone and where it's going to be sold.
You and I aren't going to be able to buy it, it's for emerging markets. Selling it in the US and Europe would erode Apple's profits since it would cannibalize sales of the expensive models (and that would include anything from the 4 to the 5S).