They may have coded iOS 6 with some features that actually take advantage of it. I think a MP3 or MP4 is definitely overkill on the other side. If they are going to stay with an A5 family device, there's isn't much to do but shrink the die and end up with something similar to the $400 iPad 2 CPU. It's not really hurting in CPU or GPU performance, but the battery now has to power a bigger screen and LTE, potentially.
I don't buy sticking a quad core processor inside the next iPhone only to take it away for a dual-core A15 next year. Besides, the iPad 3 didn't get a CPU bump at all.
I think they'll just take the 32nm A5 chips they have now and bump the GPU clocks a bit, maybe increase the CPU as well. The key really is to balance out whatever increase LTE has in increased battery drain.