That's the , quoting from a rumor note….sorry: a "research note" by one Ashok Kumar, an analyst at Rodman & Renshaw, and citing information from another source "who claims to have knowledge of the redesign."

Kumar says the Next iPhone "was the last project that Steve Jobs was intimately involved with from concept to final design." Which makes it special. So it will become a "cult classic," he says. Crothers' source says the Next iPhone "is a very large project that Steve dedicated all of his time to. He was not that involved in the 4S because his time was limited."

"So, it's probably not unreasonable to expect the iPhone 5 to be a 'complete redesign,' as the source said--meaning both externally and internally, though probably less so internally when compared with pronounced user-facing changes like the display size," Crothers concludes.

So, it's likely probably not unreasonable to not disbelieve someone who claims to know (after all why would he lie?) that the outside will be completely redesigned though the inside will be probably perhaps incompletely redesigned.

One thing we know for sure. The Next iPhone will be different from the current iPhone.