There is no lack of creative talent out there, as we can see from the following two iPhone 5 concepts that look great. However both concepts have flaws and very unlikely to represent the real thing from Apple when it arrives.
First out is the iPhone 5 Steve Jobs tribute concept from ADR Studios designer Antonio De Rosa, a concept that goes under the name iPhone SJ (as a tribute to Steve Jobs), features an edge-to-edge capacitive touchscreen and a very light weight polycarbonate body. The concept looks great and it would be a very slim iPhone 5, but not likely to represent an actual Apple design. While a polycarbonate body would make the iPhone lighter, it would not have the quality feel and of the current iPhone 4.
The second iPhone 5 concept comes from designer Kris Groen, which has gone with the larger screen iPhone without a physical home button, instead featuring two separate home bumpers on the side that needs to be pressed simultaneously to get access to the same features as the current home button. In their lies the main issue with the concept as well, as it is not likely that Apple will replace the home button with a solution that is more complicated. It would be more likely that Apple would use touchscreen features to access the same controls as the physical home button, thereby allowing for a larger screen within the physical size of the current iPhone.
Nice concepts guys, but that is what they will likely remain.