The Wall Street Journal is reporting that Apple is working on a less expensive alternative to its iPhone. If that sounds familiar, well, it should. It's the same rumour the WSJ trotted out back in February of 2011.
In other words? Don't get your hopes up.
According to this latest report, Apple's rumoured less-expensive smartphone would look much like its flagship (and, well, only recent) model, but would be built from more affordable polycarbonate plastic instead of the slick anodised aluminium of the iPhone 5. It would also likely sport the ageing guts of an iPhone 4S, much like the iPad mini uses spare parts from the iPad 2.