I'm feeling more and more that a mere stretched 3.5" screen is an insult to Apple's customer base. I'm still holding out hope that this is an elaborate hoax.
Everyone was holding out for the tapered design last, hoping that the 4S was just to throw us of the scent, and look what happened.
No rational company would foist this on the public. Not that it's particularly horrible, but just that there's little point to it. And to hang an entire upgrade cycle on another row of icons is just... insulting.
I still can't fathom the reason for stretching the screen, especially since there's nothing in iOS6 to take advantage of it (ie no widgets). It's a terrible compromise that'll please nobody; those wanting the screen size kept the same will be upset that it was made bigger, while those wanting a bigger screen (myself included) will be disappointed they didn't make it proportionally bigger (ie wider) - It'll be the worst of both worlds.