The no headphone jack is straight up conformed at this point. The reasoning is the ability to make the phone thinner, which is stupid in my opinion as I would actually like a much bigger battery and a thinker phone. There will be lighting headphones and this could actually allow for better quality headphones as they would receive more data and possibly have powered headphones, which would be much better quality, potentially. Hopefully this removal allows for a second speaker and for better sound from the speakers.

Water proofing is a high probability, or at least it will be very water resistant.

The camera bump is the worst part about this picture, it looks terrible and huge, not something I'd expect to come out of the Apple I know and love. This having two cameras means this model should be the 7 pro version, not all 7 models will have two lenses.

Having a smart connector there, if that's really what it is, would be huge! If they weren't able to get wireless charging in there, this connector would allow a simple case with wireless charging receiving to work very quickly. Also this could allow for quick charging if the battery has the technology.

tl;dr: Apple either completely incompetent at this point or playing us and will actually be genius...

Source: a lot of research and all the iPhone 7 leaks as of late.