Personally, the thing I would have liked to see would be the larger screen included without increasing the height of the handset from the 4/4S, making the home button smaller and convex, and reducing the size of the blank areas top an bottom. The thickness of the 4/4S has never bothered me, but I certainly don't want something larger to put in my pocket. I would also like to see the width on the sides of the screen (bezel) reduced.
To those that are dissapointed by the release I would like to relay this little story (which you may or may not find interesting).
Some years ago I did an industrial design degree. This was just before 3D computer modelling became a tool in the industry, and the flat screen plasma TV was just starting to emerge in the market for people that had way too much money.
We did a project on future forecasting. Predicting where various consumer products would go in 5, 10, 15, and 25 years time. While many of the product evolutions seemed to merge or to point towards humans becoming cyborgs with chips in their heads to supply media directly to the brain (he he), the forecast for the humble TV has some relevance here.
What is the purpose of a TV? To essentially supply an image to a viewer. A pure articulation of this concept is nothing but 'an image', no CRT tv tube, no flat screen tv, no tv stand, no extra piece of physical design or unnecessary ornamentation that interferes with the essential purity of the intent/image. Do we want to look at an image, or a TV?
The design forcast for the TV suggested that it would eventually reach for purity in concept and become nothing but an image (whether this be floating in the air, mounted on the wall like a poster, or beamed directly into your head).
My point here is that people are looking and wishing to be amazed by the next big thing - but smartphones are already reaching for that purity of concept - from an aesthetics standpoint its already all about the screen / image, and less about everything else that makes up the phone. In reaching for that purity the size of the screen would be largely irrelevant (if it is fit for a users purpose) as long as its a screen and nothing else.
We are not so far away from that reality - and as we get closer there is going to be less and less companies (apple, samsung etc) can do to differentiate their products. A screen after all is just a way to display an image - its the image we care about.
You will note that on all of apples designs they generally are trying to strip back unnecessary ornamentaion and move towards a purity in concept. This is form-following-function in an extreme sense and I find it quite exciting. It is also why I want more screen and less phone.
On a side note, I think that the mind-blowing innovation will start to come when the phones get powerful enough to perform the function of your regular computer, and we start docking them into workstations etc.
Or if could just be time for that chip in the brain! Or perhaps you eat an apple with genetic nanites.... I digress :-)
Enjoy the new phone if you get one - Enjoy moaning if you don't!