Many were not happy with the iPhone 4 design (especially with the antenna) and have stuck with their old iPhone 3GS awaiting the iPhone 5. I myself was not impressed with the iPhone 4 overall...but a smaller iPad design looks quite inviting for the iPhone 5 don't you think?
Now the antenna will probably have to be moved to the top (or the Apple Logo), otherwise the (signal) strength of the iPhone 5 dock connection could be drastically reduced. The iPad 2 resulted in a removal of the perimeter wall, eliminating an entire surface to make the iPad 2 surfaces. Lets hope for a "two-surface" iPhone come this summer!
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