iPatchiPods is claiming to have received some images of what it and MacRumors believe are an updated iPhone 4 (or iPhone 4S mid frame casing with some intriguing design changes, including a modified antenna array and the apparent lack of a home button.
The frame shows that this model will have two antenna breaks at the bottom of the casing. Currently the GSM version has breaks in the lower left side and top bar and the CDMA version are both on the top bar. The changes could be to improve reception, reduce the death grip problems, support different GSM bands (including AWS for T-Mobile US), or even to support both CDMA and GSM as a "world phone".
The bottom of the frame is the most interesting part to look at. There is a lack of any defined “Home Button” area. The current iPhone 4 equivalent part shows an area cut out for the Home Button; according to iFixit. Could this mean that Apple will go capacitive and remove another moving part from the iPhone?
There has been a rumor recently that Apple is planning on releasing a cut down version of the iPhone 4 alongside the iPhone 5; when it is launched. This would make sense and this could well be the casing from it. The idea of not having a Home Button or a redesigned one would make sense too in many ways. The current iPhone 4 has a definite weakness in this area, I have had mine replaced three times for an unresponsive button.