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The A6 chip is not that much better than the A5, moores law is slowing down and apple cant fit faster processors into smaller areas anywhere near close to the same extent that they used to be able to.
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Yes, moores law is taking effect. It started to quite a long time ago when 2 GHz became a baseline for cheap computers, and companies started boasting how many cores their processors have. However, the iPhone 5 scores a 1601 in geekbench while the 4S scores a mere 632.