Earlier reports had indicated that the cheaper iPhone will have a polycarbonate body and carry a price tag of $330 (unsubsidised), which is nearly half the price that an unsubsidised iPhone 5 carries, so this report is in line with that. Another report had said that Apple may use Qualcomm's Snapdragon SoC for low-cost iPhone, instead of its own processors, due to price and supply constraints.
As for the successor to iPhone 5, some rumours had indicated that the iPhone 5S will come with NFC and fingerprint scanner. However, Apple Insider has dug out some purported pics of iPhone 5S parts, including the home button, which do not bear any clear indication of a fingerprint scanner
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