Stop saying the iPhone has not used an embedded logo since the original. The iPhone 5 and 5s have an embedded glass logo, the introduction video for the 5 went into great detail about the process for computer matching the cutouts with glass inlays.
The logo on the 5 / 5s isn't embedded glass. The video you're referring to is talking about the glass sections at the top and bottom of the phones, not the Apple logo. Source: the video, and also the 5s I'm holding right now.
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Got a feeling the external camera ring is magnetic or there for lens attachments to cling onto. Might be stretch but I dont see any other reason on putting it there.
Seems unlikely since the newest iPods have a protruding camera and yet no attachments. The reason is that the device got thinner than the camera and you can't just make a camera thinner without sacrificing quality.