They may be hiding new hardware inside an old frame.
Apple has a pretty well-established history of being kind of crazy when it comes to information security. Engineers work on prototype products under sheets and anyone who blabs the slightest detail about an upcoming product ends up terminated. In the wake of last year's iPhone 4 leak, the Cupertino-based company even sent a SWAT team into the home of Gizmodo editor Jason Chen. Apple hates leaks, and it's well established that they'll do just about anything to prevent one.
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Which leads us to today's news of the leaked T-Mobile iPhone 4. While the possibility of this device actually launching for T-Mo is slim (until AT&T finalizes their acquisition), it makes sense that Apple would eye further expansion. But that may not be the full story.
See, 9to5Mac has reason to believe this leaked iPhone 4 is actually an iPhone 5. Which leads me to consider an interesting possibility:
Could Apple be hiding the iPhone 5 hardware inside an iPhone 4 shell as a security measure?
I'm not suggesting that every iPhone 5 prototype is like this, but it WOULD be a great way to hide crucial design features from 3rd-party partners (IE: those most likely to spring a leak). It would also help a lost iPhone 5 to 'blend in' better, reducing the likelihood of a repeat of the iPhone 4 debacle.
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I wouldn't bet money on this being the case- but you have to consider the possibility with a company like Apple. They certainly aren't above using dishonesty to keep ahead of the press.