I'm really digging the larger screen size with the home button on the side. However, I'd prefer the home button to be on the left side rather than the right.
It's too far down on the side that it's on in those pictures. I've just tried to reach it with my thumb while holding the iPhone normally, and it just doesn't work.
I've always thought the home button would be better on the side to maximise screen space, I don't like the way it looks the same though it would be better of being just a normal button that doesn't stand out. Closest to what I would really expect though is sadly the first one, can't see the iPhone ever changing the standard look to be honest.
I wish they'd moved the home button for the iPhone 5 and kept the size the same. Big phones are absolutely horrible and the current trend is apparently seeing them grow in size. It seems like Apple almost felt compelled to make it bigger just so that it looked like they'd been working on something and to avoid comments of "It looks exactly the same".