I disagree, the market isn't so much interested in a new flagship model as they are a lower cost model. New colors and a new OS will hold over the flagship model for a little while longer. Besides everyone will be too busy talking about the new iPhone model.
I also think with the introduction of the next flagship model, Apple will unveil their take on "wearables" and they currently aren't ready for it.
I believe the market (assuming you mean the investment community) is interested in both. The purpose of a lower cost model is to drive volume and marketshare, especially in places like China and India. The flagship's job is to solidify and protect margins.