The conventional wisdom propped up by the tech media is that Apple is the cutting edge of design and that others follow. A bezel-less phone would leapfrog Apple and put them in the rear view mirror. I'm sure a lot of people would hold off on their iPhone upgrade when Motorola unveils the most cutting edge phone tech available. It would launch them ahead of Apple in design and cool factor. It would change a lot of perceptions and make Motorola a household name again.
And yes, no bezel. Top or bottom.
No room for a speaker? Already solved.
Moving the mic to the bottom edge is no problem. Senors and FFC? Maybe either a thin strip at the top (although that's kind of cheating), or maybe they found a way to have it sit under the glass. That would be mind blowing.
Jellybean uses soft buttons, so no need for any bottom bezel.
Now you can have a very comfortable 4.65" screen with easy one handed operation. And this is Motorola -- they are very good at engineering. So it shouldn't come out unfinished. I like cutting edge more than polish, so I lean towards Samsung and their specs, but Motorola's phones have been very polished other than a misstep with the Bionic.
And we all know that the carriers hate the iPhone. Which is why Verizon would push something like this like crazy. It's insanely marketable.
This is the kind of product that would make a lot of people think that Apple is falling behind without Jobs at the helm. And that would be a huge blow to Apple.