It is rumored that along with the new iPhone 5, Apple will also release a cheaper iPhone 4S with some minor design changes to current iPhone 4 to bring down the cost. MacRumors have got their hands on images of steel casings, which they claim are for iPhone 4S. MacRumors posted:

New "iPhone 4S" part images we've received from iPatchiPods suggest that the iPhone 4S will look much like the iPhone 4, but with some notable differences in the frame.

The mid-frame images above show that this so-called iPhone 4S will have two antenna breaks at the bottom of the casing. This differs from both the AT&T (GSM) iPhone 4 and Verizon (CDMA) iPhone 4.

The bottom portion of the frame is shown here. As noted by iFixIt's Scott Head, what's most interesting about this part as compared to the iPhone 4 part, is the lack of any defined "Home Button" area. The corresponding iPhone 4 part shows a cut-out area for the Home Button. It's hard to draw an conclusions from this, but there has been a lot of speculation that Apple could be changing the Home Button area on the iPhone 5.

There still may be some confusion in the parts supply chain about what pieces are intended for what devices, but iPatchiPods' source does believe that these mid-frames are intended for the cheaper revision of the iPhone 4.

In other iPhone related news, OmniVision – the image sensor supplier for iPhone 4 has drop their revenue expectations for fall quarter to $255-$275 million, considerably below the $306 million that industry analysts were expecting. This would indicate that the rumors about Apple adopting Sony’s 8-megapixel sensor in upcoming iPhone 5 are true and will result in considerable drop in OmniVision’s revenue for coming quarter.

Also, Check out the excellent iPhone 5 concept video posted by Aatma Studio on YouTube below.