No, there won't. Timedog is correct.. we are only a few years from having $100 phones that do everything a flagship of today does. There's not a lot of innovation left at all in the realm of cell phones. Quality chips are already cheap, cameras are cheap.. the biggest hurdle is battery life. Once that's solved.. we'll upgrade phones just to replace a worn out one.. why do a contract on a $700 flagship when you can score a $100 phone that does basically everything.
The flagship market is doomed.
I see a lot of people post stuff like this, and I think it's because they look at what their phone currently does and think it's doing it great, but you're missing out on what new stuff your phone could be doing with just a little more power, faster internet / cellular, etc.
Some (admittedly far) futurist ideas off the top of my head:
– Enough RAM to run every major app on your phone simultaneously. Imagine a smart phone with 64 or hell 128gb of RAM. Everything loads instantly, apps are shown running in real time even in the multitasking preview.
– Fast enough cellular connection to make use of cloud processing. Sure MS's promise of cloud performance on Xbox One was a joke for today, but that future is coming eventually. PS Now works pretty well already, imagine if you could have the power of a Playstation 6 streaming to you lag free over your cellular connection? It'd be enough for photorealistic games or even more full featured apps like Photoshop or Final Cut.
– More dumb screens than just your watch. Right now third party apps on the Apple Watch are driven by the phone, just sending data to the watch which is mostly just acting as a dumb screen and input device. Imagine if your phone was powerful enough to replace your desktop computer, and all you needed was your phone to do all of your desktop processing. Here's the scenario:
You sit down in front of a keyboard sitting in front of a cheap large 4k panel, due to proximity your phone knows where you're positioned and starts up a desktop client that is beamed to the screen wirelessly. Walk away, get on the bus and pull out a large screen dumb tablet (with basically no processor or RAM in it, just the bare essentials) and your phone does all the processing and just shoots video to that. Sit down on the couch and pick up a console controller and your phone starts wirelessly streaming games to your TV.
You'd basically never need to upgrade your TV or tablet or desktop monitor, because they'd just need to be basic high quality displays. Keep upgrading your phone every year and that power drives everything.
This is all some pretty future minded ideas of course, and things like having 64gb of RAM in a phone will be expensive, but that's exactly why there will always be a flagship phone market, for devices that can do way more than what you can even imagine right now.
Low end phones will catch up to what the flagships offer now, and the flagships will be doing even crazier stuff.