A claimed schematic of the 4.7-inch model of the iPhone 6 appears to support suggestions that the camera lens will protrude, though only by 0.77mm.
Amidst all the iPhone 6 leaks and rumors, another schematic seems to have appeared pertaining to the 4.7 inch model and it gives us the idea that the camera lens will protrude, though only by 0.77mm. The schematic comes from Apple Club in Taiwan and we can clearly see the 7mm thick casing and the thickest part of the camera extends 0.77mm beyond this. It had also been suggested back in March that all efforts to make it any thinner would result in an iPod Touch-style protruding camera lens and the backplate photos seem to support these suggestions in the recent leaks.
However, there have also been some reports which have conflicted with these ideas and one of them even suggested that Apple has a way to avoid this if it restricts the optical image stabilization to the larger 5.5-inch model. We should keep in mind here that the degree to which particular design elements will be noticeable is often too much exaggerated in the product schematics and prototypes. To make this point clear, you can have a look yourself and spot the difference between an early prototype of the iPod Touch versus the barely-noticeable protruding camera ring on the current model.
Other reports on the iPhone 6 have also brought forth the suggestions that the display of the iPhone 6 is going to be sharper than the current iPhone 5s and 5c and because of the resolution, more icons would be displayed on the screen and the retina resolution would not be disturbed as a result. But we are still not sure whether Apple would do this or not.