This rendering from Japanese blog Macotakara shows what the new brightly colored iPhones may look like. We can't help but think of the new iOS 7 color scheme.

Is the iPhone going the way of the iPod? Initially launched as a high-end product, Apple released smaller, more colorful iPod Minis a few years after the original flagship MP3 players were launched. So far, the only cheap options available for iPhone consumers is the outdated versions of the hardware, some of which are available for free with carrier contracts.

According to Japanese blog Macotakara, the new iPhone will come in a smaller, cheaper model, available in white, magenta, black, turquoise and orange — a color scheme that reminded us of the brighter neons coming with the launch of iOS 7.

Meanwhile, Reuters is reporting that Apple is going to launch a 4.7-inch iPhone as well as one with a phablet-y 5.7-inch screen.

According Rueters, the topic is still "under discussion" within Apple, though Tim Cook has not counted out different sized iPhones in the past. 

Let's hear from you: Do you want to see a smaller, colorful iPhone or should Apple go big? Can it do both?