iPhone to lose Home Button
According to TheAppera and other popular websites, there is a strong possibility that the home button will be removed from the iPad’s and eventually the iPhone’s design. Instead of button taps, you will use new multitouch gestures to navigate to the home screen and also to launch the app switcher.
http://theappera.com/2011/01/16/verizon-iphone-5-ipad-2-and-future-ios-devices-to-lose-home-buttons/