But what happens when the next next iPhone comes out? Then you have the current model, the iPhone, and the previous model, the iPhone, both for sale. What do you call it then? I very much doubt they'd like it to be called the "old" iPhone.
I very much doubt it, given that Apple seems to do all that it can to hide the specs of the iPhone to consumers. And rightly so, IMO- a 1.2GHz CPU vs a dual core 1GHz processor means absolutely nothing. The model numbers they have right now makes a lot more sense.