The "iPhone Lite" is expected to feature a polycarbonate casing instead of the premium-build metal casings which have come to typify Apple's bestselling device. It would be the first polycarbonate model Apple has produced since the iPhone 3GS, and its cheaper construction could enable Apple to better market its wares to consumers in developing markets, where most smartphone market growth is occurring now.

The plastic casing may open a range of possibilities for coloration with the iPhone lite. The premium-built model may also have color options, but the "iPhone 5S" could be limited to just three colors, while the iPhone lite case has been shown in at least five.

Should the low-cost iPhone actually debut alongside the iPhone 5's successor this fall, the latest rumor has Apple abandoning the iPhone 5 in order to offer simply the "5S" and "lite." This would mark a departure from standard procedure for the Cupertino company, which typically keeps the last two models of iPhone in circulation in order to offer low-cost alternatives.

http://appleinsider.com/articles/13/07/26/supposed-iphone-lite-shows-up-with-fcc-other-legal-notices-in-new-picture