I just heard one little tidbit about that, about 5-6 days ago, and nothing further or since. They might want to see how this 4.7" model does and then roll out a 5.5" Plus variant in a few months? Although I don't know how all that ramping up/manufacturing process works (how much of a lead-time they'd need, etc.).
I'm betting, for now, it would just be this small(er) 4.7" model for as cheap as possible. If it's a raging hit - and I think it's gonna be in these belt-tightening times - they may realize "hey, there's still a legit, valid market for phones that don't cost $700 and up!"
No shit, Tim.