I still think the 5 will be continued - I don't see the 4S as being the entry level phone - they may sell the remaining stock, but manufacturing will cease. The 5C is entry level, the 5 is middle and the 5S is top of the line.
All will be lightning - all will be LTE - all will be 4"
The 5C will use the iPad 3 ARM (A5X, maybe just the A5) chip and LTE radio - the 5 will be A6 - the 5S will be A7.....
The glass back is gone....
Then the iPhone 6 will be 4.5" - Asia is the driver behind the size jump - Apple cannot compete unless they increase the size of the display.
And the 5C should cost around $399 for the 8GB (16 if we are lucky) version - take an iPad and add LTE? $130...
Take an iPod Touch and add LTE? $299 - +$100 - there you have it.
They will sell all they can build.