It's more likely that the next iPhone or Galaxy S will have the home button removed (finally), the speaker squeezed as far to the top edge as possible and the screen will fit all that new empty space, with 1-2mm borders.
That's doable in the next 1-2 years, this design isn't.
Quotes aside, I've imagined this kind of edgeless design to be where things are headed, and it certainly looks beautiful.