Freedom of choice is wonderful. Just buy the one you want and can afford. I don't see a problem. Just like buying a car but much cheaper. Plenty of people will probably buy both! 
You have nothing to worry about. There is no 5.5" iPhone.
It doesn't matter. You'd hope the battery would be larger in the 5.5, as the larger screen would necessitate it. As for processing power, etc., it doesn't matter. iOS will run fine on it. Additionally, for people upgrading from the painfully slow 4's and 4s's, it'll seem blazing fast.
I'll get the 4.7 screen as I only have 1 pair of cargo pants and don't want to be the man purse guy just to carry my phone.![]()
You have nothing to worry about. There is no 5.5" iPhone.
If they make the 5.5" with a bigger price tag, something has to justify it. It'll probably be something irrelevant and small.
You are contradicting yourself.
A small feature to differentiate them, that's all they need.
Something "irrelevant and small" can't justify anything except an irrelevant and small increase in price.
Apple can, and will probably make the smallest things feel like they're "extordinary and revolutionary".
Nope, and they most likely know it as well. Anyone with half a working brain is only going to feel insulted if they try to pull some sheet like this. They are much better off just saying that the big screen will cost you an extra $50/100 without trying to peddle some BS spin with it.
A small feature to differentiate them, that's all they need.
You must wear skinny jeans on the regular then. In that case, it's probably doesn't matter if you're the man purse guy because you are already the skinny jeans guy.