Cross-posting from another Macrumors thread:
My money's on the finalised 12 lineup looking something like this (names are tentative):
1. iPhone 12 Mini, 5.4” 60 Hz LCD, 4G only, 4 GB RAM, 2 cameras (Primary + Ultra Wide), no LiDAR, 2,227 mAh battery [new model, diversification of non-Pro line into 2 sizes]
2. iPhone 12 Plus, 6.1” 60 Hz LCD, 4G only, 4 GB RAM, 2 cameras (Primary + Ultra Wide), no LiDAR, battery capacity unknown but > 3,100 mAh (more than the 11, at the bare minimum) [successor to Xr and 11]
3. iPhone 12 Pro Mini, 5.4” 60 Hz OLED, 5G-equipped, 6 GB RAM, 3 cameras (Primary + Ultra Wide + Telephoto), LiDAR unlikely, 2,775 mAh battery [new model, diversification of Pro line into 3 sizes]
4. iPhone 12 Pro, 6.1” 60 Hz OLED, 5G-equipped, 6 GB RAM, 3 cameras (Primary + Ultra Wide + Telephoto), LiDAR unlikely, 3,687 mAh battery, OLED [enlarged successor to X, Xs, and 11 Pro]
5. iPhone 12 Pro Max, 6.7” 60 Hz OLED, 5G-equipped, 6 GB RAM, 3 cameras (Primary + Ultra Wide + Telephoto), LiDAR likely, 4,400+ mAh battery, OLED [enlarged successor to Xs Max and 11 Pro Max]
I strongly believe that the inconsistency we've seen in back camera arrays on dummy 5.4" models (some have 2, some have 3) comes down to the fact that there will indeed be two 5.4" models, both with different screens, battery sizes, modems (4G/5G), and of course, camera specs. There was a rumour of a 4G-only 5.4" model flying around not so long ago.