Although I'd prefer not to, I can live with the black bars.
What I _cannot_ live with is the tiny space that one has to work within with the keyboard taking up the majority of the screen space.
This makes taking notes, composing emails, SMS & the like, a very cramped & error prone proposition.
Had Apple chosen to provide a 4.65" display like a Nexus for example, the open area that one has to work in is very spacious & conducive to fast, error free typing.
I can only hope that in some future model Apple will wake up & "get it", as Samsung has with my spacious, fun, full sized Android phones.