Macworld.it imagines an iPhone 5 without a button but a longer screen

They have no specifics, and are just going on rumors.  However, they see the screen going down to where the button currently resides and offering a more permanent dock.

Assuming that the workspace remains of 960 × 640 pixels , Apple could increase the height of the screen to about 1,148 × 640 pixels (more or less, of course). Current applications exploit the conventional screen area, leaving off the pixels in excess seats in the lower part of the body or showing those elements that are currently hidden are displayed when you double-click the Home button.

We don’t think this is going to happen for a number of reasons, but it is certainly a creative thought.