I suspect it’s going to be an iPhone 7/8 hybrid with haptic touch ie removing the 3D Touch layer on the lcd for a cheaper and easier to assemble product.
Yes, that sounds like what they did with the SE.
We will see an SE2 of sorts I think - but with a 4.7 inch screen.
I bet you're right, and also that it will have the slippery design of the latest iPhones. Ugh. I'd rather have a new phone based on the SE design. It's so much easier to hold, especially for photos. You have to have a case on the other phones or risk having it slip through your fingers and smash into the ground.