Keeping rumors aside, let us talk about something that might actually come in the next iPhone software upgrade. According to a patent filed, Apple plans to introduce a feature that will allow users to put individual contact entries on the home screen. A possible use according to the patent cites that this icon on the home screen can be used to invoke contact specific applications.The patent filing states the following:

The icon can also be used to invoke one or more applications that are personalized to the contact. The icon can be modified to display information related to the contact. In one aspect, an icon associated with an entity can be temporarily displayed on the mobile device based on the proximity of the mobile device to the entity.

How Apple plans to implement the icon being temporarily displayed when the iPhone is in proximity to the contact, is unknown and frankly very intriguing. One of the images in the patent filing show a different UI on the contact page. The contact screen will now have icons to initiate a call, initiate calendar to setup a meeting or send a SMS. Here are some images from the patent filing:

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The UI goes on to the SMS screen as well. Patent image:

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Another interesting highlight is that all iPhone images have a dotted circle on top, my guess is the front camera is definitely happening. The circle is the ambient light and proximity sensor, thanks @preshit.