Well that seals the deal for me on the 4.7". That bezel is way too crazy on the 5.5". I think 5" with a tiny bezel would be ideal. My wife hopes the 4" model doesn't go away or that they bring back the 3.5" model because it actually fits in her pocket and hands.
Serious question: Are there any good Android phones that are smaller? If Apple completely leaves out another size segment again then they'll lose sales to people in that range next. Eventually my wife will want to upgrade from her iPhone 5 to get a better camera or some future feature like wireless payments. She shouldn't have to get a phone that is uncomfortable for her to use to get those features. Charge us more, I don't care! It just needs to be an option. I think it's pretty lame to draw someone into your ecosystem, have them invest a bunch of money, and then stop selling a device that comes in a size that is useable to them. That iPhone 5 won't run forever, and it definitely won't be supported forever.
The moto x is roughly the size of the current 5s.