At first glance will resemble the iPod Touch than the iPhone 4. Surely will be thinner than the iPhone 4 and sides such as water droplets form, the top thick, then thinned at the bottom. The idea probably inspired by the MacBook Air is also designed thin.
Home button is also changing, Home buttons on the iPhone 5 made larger because it also serves as a gesture area. The screen to 3.7 inches (0.2 inches larger than the iPhone 4) with a level of depth of 312 pixels per inch (14 ppi reduced when compared to the iPhone 4) and keeps the Retina Display technology.
Dimension bigger screen (edge-to-edge) causes the sensors on the iPhone 5 is placed behind the screen.
Clarity of specifications and plans for iPhone 5 launch are yet to be announced by Apple, but surely we will get not just update the OS and the addition of several functions on the iPhone 5, but the overall change with better technologies. I think this is one characteristic to satisfy Apple's iPhone gadget users.