Given the discrepancy in leaked features and specifications of the upcoming iPhone refresh disclosed by various insiders from the Cupertino company, I'm inclined to believe that we should expect two iPhone models to be announced on October 4.
Case # 1 : A completely redesigned iPhone
Quoting New York Times Blog,
From descriptions I’ve heard of the new iPhone from Apple employees, the images [hinting a totally redesigned next generation iPhone] seemed potentially authentic. But it seems that Case-Mate might be sneakily trying to take advantage of the excitement over the phone by posting and then unposting the images. These things rarely happen accidentally, especially when it comes to new Apple products.
Case # 2 : 'Looks largely the same as iPhone 4'
Concord Securities Analyst Ming-Chi Kuo told AppleInsider last month that Apple's next iPhone is expected to look largely the same as the current iPhone 4. He shared that though the antenna will be improved, there will be little change to its shape, and users will not see a discernable difference in its appearance.
Case # 3 : There's demand for a cheaper iPhone that Apple might want to address
Bonnie Chang of Yuanta Securities shares, "Apple may want to push into the emerging market segment, where customers want to switch to low- to mid-end smartphones from high-end feature phones, which usually cost $150 to $200 [...] But I think for an 8GB iPhone 4, the price is hard to go below $200, so Apple will still need a completely new phone with low specifications for the emerging markets."
Case # 4 : Insiders are already telling it like it is -- There will be two iPhones this year!
Taken straight from Case-Mate's official website; "From our inside resources, it appears that Apple will be indeed launching both an iPhone 5 and an iPhone 4S in early October. The speculation indicates that the iPhone 4S will feature the same form factor as the iPhone 4 but will be upgraded with the latest technology, including the A5 dual-core processor and 8 mega-pixel camera."
Case # 5 : Purported parts of the NEW iPhone look the same as those of iPhone 4!
Gizmodo describes the new iPhone parts made in Brazil as belonging to a 'cheaper iPhone' --
Most of these [parts] don't look like anything special — just [parts] of a familiar face. But when you get to the last one, a picture of a Foxconn Brazil quality control form, you'll notice something strange: a different model number, N90A. This has already been rumored to represent a cheaper version of the iPhone4.
All leaks considered, it makes sense to expect two iPhones to be announced by Tim Cook on October 4. The first will be iPhone 4S, the cheaper of the two, with design similar to iPhone 4 but with slightly improved innards. And the second will be the iPhone 5, which will come with a completely redesigned case, bigger screen and a lot more powerful specifications.
So what do you think?