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Wouldn't it be the iPhone 6? Considering the 4S is the 5th generation.
You just proved yourself wrong: the 4S is the 5th gen but carries a 4 name. Clearly the naming scheme never was intended to reflect the generation number; it began with the 3G which was a reference to the tech, not the generation. Now the naming scheme is simply: new number = major upgrade, old number + S = minor upgrade. So the next logical iPhone name would be iPhone 5. But really, at some point, it will likely drop the numbering system all together.