Originally Posted by addicted44
There are only 2 things that the iPhone 4S does not have that an iPhone 5 could have had:
1) Larger screen
Like another poster said:
3) LTE (actually, I'd delete your #2 NFC and make LTE #2)
A larger screen means a larger case (duh) and room for a larger battery which you'd need not only for the larger screen but also for the LTE which isn't as power efficient. Also, to make a phone which can fall back to older standards (ie, CDMA) you'll need to keep all of those antennas, too. So bigger case makes room for more antennas.
Here's my theory as to what happened today... Apple needed to get off it's once a year iPhone upgrade event cycle. Technology and marketing by the competition moves too fast to wait a year to get back in the limelight. So spread out two events per year. You can't keep the June event because that means the other event would be too close to Christmas. So Spring and Fall it is. Earlier this year they had the release of the Verizon iPhone (sorry, no Spring event for the rest of the world). Then bite the bullet and hold out until Fall, skipping June.
LTE isn't quite ready yet, so let's get something new in the pipeline for the Holiday Season. This means cheap options (free 3GS, cheap 4, etc) for gift giving and the 4S because the 4 was getting too outdated. Then in the Spring release the "power user's" iPhone 5. Bigger screen and LTE. I see this trend continuing for the next several years. Smaller screen phone for the Fall/Holiday release and the power user phone in the Spring.
Apple needs to diversify their offerings. The current one-size-fits-all model they've following up until now is self-limiting. Eventually they need to branch out and offer more choices.