Digital Trends – The rumors of a new, less expensive iPhone are true, reports the Wall Street Journal. The device â which is codenamed âN97â³ â will be roughly half the size of the iPhone 4, weigh âsignificantlyâ less, and sport an âedge-to-edgeâ screen. The smaller iPhone will also include voice-based navigation, a virtual keyboard and cost roughly half the price of the current iPhone.