I honestly don't see how the iPhone 5 will be seen as anything but a failure by people who don't really care about this stuff. I can't think of anything this phone is missing that would really wow people. There are things that a certain pocket of the population want (flash for example) that are total pipe dreams, but in terms of things that the phone is truly lacking I'm at a loss. You could remove the bezel and have the screen extend to the edges, perhaps add NFC for using the phone as a credit card or adding haptic feedback. Other than the standard speed/camera update I don't see it doing much else.
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