First, there is a potential shift from a 32-nanometer process to a 20-nanometer for Apple's A series CPU. From what we can understand about silicon, this is a pretty big jump, essentially skipping the 28 nm process. Misek thinks Apple is "likely" to make the jump "to facilitate adding more cores (4 or even 8)."
Second is Apple's possible decision to switch from in-cell LCD displays for iPhone 5 to on-cell OLED or IGZO for future iPhones, which has been a rumor for months. "We think in-cell is having difficulty ramping to 4.8", which is making Apple look at switching to on-cell (a different integrated touchscreen technology) and OLED (despite Apple's suppliers being well behind Samsung in their OLED capabilities) or IGZO," according to Misek, without apparently explaining what the manufacturing problems actually are.
Thirdly, again without explanation, Misek says, "We think Apple plans to re-architect iOS to utilize more cores and better compete with Samsung." He also "believes" there will be substantial changes in the way iOS "interoperates with iCloud, gestures controls, and advertising ..."
According to MacRumors, Misek expects the iPhone 5S and a lower-cost iPhone to be released in mid-2013.
Slivka adds almost nothing to the Misek excerpts, letting them stand in effect on their own.
Others, such as Ubergizmo's Tyler Lee, weren't so reticent. Lee interprets the MacRumors account of Misek's speculation as meaning that "the iPhone 6 with a 4.8" display will only see a release in 2014, suggesting that it would miss its supposed 2013 schedule due to possible production problems with regards to its display."
The interpretation by Business Insider's Jay Yarow was even more original. "Apple wanted to release a 4.8-inch iPhone 6 this year, but it ran into manufacturing problems, says Jefferies analyst Peter Misek," Yarow declared.
But as quoted by MacRumors, Misek didn't say anything like what Tyler and Yarow claim he says. Misek in December 2012 claimed there were 4.8-inch iPhone prototypes being evaluated. Yet even if that's true, the existence of the prototypes doesn't translate into a "schedule" or even a "wanting" to release such a phone in 2013.