Turning our attention to the backside of the logic board:

Apple A7 APL0698 SoC (based on this MacRumors post, the markings F8164A1PD indicate the RAM is likely 1GB)

Qualcomm MDM9615M LTE Modem

Qualcomm WTR1605L LTE/HSPA+/CDMA2K/TDSCDMA/EDGE/GPS transceiver.

As we search for a much-anticipated M7 coprocessor, we begin to wonder if it actually is a separate IC, or if it is additional functionality built into the A7.

Maybe the "M" stands for "magical," the M7 is invisible, and Apple does use pixie dust to hold the device together. Or perhaps the "M" stands for "marketing"…

Update: the M7 has been found!.

Our A7 was fabbed in July.