There will now be an "apparent absence of good alternatives" in the iPhone camp too. The SE will be nearly EOL hardware soon, and the smallest iPhone is now a 5.8 inch screen. The minimum price point is also now $750 for current hardware. The SE was partially a low cost option for emerging markets as I understood it, so either they're planning on previous year hardware as the affordable option, or they'll need to release something that doesn't cost so much soon.