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Earlier today it was reported that the iPhone 6 would launch in 32 GB and 64 GB variants, indicating that Apple may not launch a 16 GB variant of the next iPhone and leaving many wondering whether Apple would introduce a third 128 GB variant



From MacRumors:
Now Chinese site Wei Feng [Google Translate] is reporting that Apple may introduce a 128 GB variant only for the 5.5-inch iPhone 6. 5.5" iPhone 6 model photo via TechSmartt The site says that the storage size difference would act as a major differentiator between the 4.7-inch and 5.5-inch models other than display size, allowing people to get a true "phablet" experience with lots of storage space to save various documents and data. This would partly mirror Apple's iPad models, which allow for up to 128 GB of storage while iPhones only allow up to 64 GB of storage.
  Only the 5.5-Inch iPhone 6 May Offer 128GB Models