But why? Surely you want a large, 4.7/5.5' Retina HD Display? Not a tiny square screen. Im pleased Apple isn't just putting the iPhone on a smaller screen.
Media consumption on this will be terrible. I'm amazed they bothered with photos and then made the mistake of showing how poor an experience it is at the keynote.
The terrible thing is that Apple makes us wonder about such basic functionality questions instead of telling us upfront. Forces us to search for answers outside the company.