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This taptic thing - doesn't it border on the dreaded _skeuomorphism_? Actually, I like it, and I liked a lot of the skeuomorphism, I think it helps make the device more intuitive, just don't go overboard. As for the headphone jack, Apple says not only was it to make room for the taptic engine and some sound routing, but it also allowed the better camera. For the bigger camera, the cable coming off the top of the display needed to move, so they turned the display unit upside down so its cabling came out at the bottom of the phone, where the jack was, instead of the top.
I'm thinking you take the dock, which currently has 4 app icons in it, and move it down on the full-screen phone to where the bottom bezel is. Add a fifth icon in the middle, which is the on-screen Home button. Let that new semi-permanent dock be thought of as a touch strip, same as on the upcoming MacBooks. You can customize the new dock in each app, or eliminate it temporarily for full screen graphics. Also, move the top ear speaker to the top edge of the phone. Wrap the display around one or both sides of the phone, and have software volume and mute buttons there. Add some long-distance wireless charging and presto - iPhone 8!