Apple's latest iPhone 5, like all follow-up devices, is undoubtedly an improvement over the iPhone 4S. The next-gen iPhone 5 is slimmer and lighter than the previous iterations and includes features like LTE, a new OS, bigger 4-inch screen, and a faster A6 processor, which will aid in enhancing the overall user experience.

However, Apple is known for its iconic devices and is synonymous with innovation. The iPhone 5 falls short of the "wow" factor analysts indicate. If the iPhone 5 were to pack in some revolutionizing and practical features that are in existence, it would have undoubtedly been a better smartphone.

Here's a look at the top 5 features which in our opinion should have made it to the iPhone 5.

1. Waterproof and Dustproof Coatings

The new water- and dust-proof coatings add to the user friendliness of a smartphone. These coatings make the handset more resistant to damage caused by water and dust. What's more, the coating does not alter the device's finish at all.

Even though the iPhone 5 is a well-designed smartphone, it still does not have such a coating. By contrast, some smartphones from rivals like Samsung, Sony, and Motorola have these coatings.

2. Built-in Mini Projector

Imagine having a phone that features a built-in projector; the possibilities are enormous. Users would be able to make presentations without carrying a notebook or a tablet, or any other associated bulky peripherals. A blank wall and the smartphone are all that would be required to project the images with ease.

The mini projector feature would drastically transform one's perception of smartphones. What's more, Samsung's Galaxy Beam smartphone incorporates this innovative technology and Apple would have done well to take the mini projector route as well.

3. Wireless Charging

Wireless charging is yet another revolutionizing feature which negates the need to connect USB cables. The device just needs to be placed on the charging pad.

Nokia's Lumia 920 has adopted the Qi standard for built-in wireless charging. The built-in capabilities and charging pad make things simpler for users, since one can wirelessly charge a smartphone absolutely anywhere without having to search for an one open electrical outlet.

Apple recently unveiled a new Lightning dock connector, but bypassed wireless charging.

"Having to create another device you have to plug into the wall is actually, for most situations, more complicated," stated Phil Schiller, Apple's VP of marketing.

4. 3D Camera

With technological advancements becoming an integral aspect of our day-to-day lives, users are not only becoming more tech savvy but are also in step with the latest developments. Gone are the days when 2D cameras heightened our senses and struck a chord. With 3D movies becoming increasingly popular, the transition to 3D cameras, fueled by the desire for realism, seems logical.

Several digital cameras already pack in the 3D technology and smartphones are not too far behind. Several smartphones like the HTC EVO 3D can capture 3D images and video. What's more the photos and movies can be watched without any fuss on its glasses-free 3D screen.

LG also offers a 3D smartphone, the LG Thrill, which too like the HTC offering has the capability to shoot 3D videos and photos and sports a glasses-free 3D display.

Rumors that Apple's iPhone 5 would feature a 3D camera with an AirShare were rife. However, why Apple chose to bypass the feature is anybody's guess.

5. Blue-ray Drive

The presence of a Blue-ray drive is probably the one feature that may well have propelled the iPhone 5 to cult status, helping Apple retain its iconic innovator title.

The potential of a smartphone that features a Blue-ray drive are infinite. Imagine watching a Blue-ray movie on the 4-inch widescreen display with 16:9 aspect ratio. Alas! iFans would probably hope that Apple can pull out a few rabbits from the hat with future offerings.