Despite some rumors to the contrary, according to our sources Apple still hasn't finalized the design of the next generation iPhone 5 (or whatever Apple ends up calling iPhone 5,1). No giant screen. No 16:9 aspect ratio. No metal back.
Currently, the new, smaller dock connector is being implemented, but no changes to screen size or aspect ratio have been decided on. And yes, it still has a Home button.
iMore suggests that if there is a change to the screen size it will be minimal. ie max 4-inch.
This report follows one from yesterday where the site predicted that Apple is targeting October 2012 for the release of a $200-$250 7-inch iPad.