Just look at the array of phones being spat out by the tens of millions from production lines now. Look at the P1. Look at the iPhone. Look at the possibly leaked and curiously iPhone 4-esque Samsung Galaxy SIII. They're all the same. There are subtle variations, sure, and colors vary (though that's not a real, core difference!) but basically they're all flat glossy screens married to a flat wedge of invisible high-tech magic circuitry. There are sub-genus types, coming with keyboards, but those are looking increasingly jaded. And don't let's talk about "dumbphones," which are basically walking dinosaurs in an era where smartphone Foursquare check-ins can help redefine a neighborhood.
I wouldn't say "re-invented" but I would say that they could be "re-visualized" in the sense that the current designs seem to be running around in circles. Personally the use of Liquid Metal and the tear drop design previously rumored for the iPhone 5 which seems to have now been trashed as far as rumors go (or just forgotten) would've been a nice remix of the classic and present iPhone. It would have certainly given a modern industrail look to the phone but not been a departure from say the design look of a Galaxy. Getting thinner certainly ruins the ability for being able to design something significantly different. I'm sure at some point the whole design process may just come to a hault as I can only imagine that the thinner you get the more limited you are and the more you have to wait on tech to catch up to keep to the original size. The alternative is back tracking which is what I believe will happen in order to give back a nice feel to the phone when placed in the hand (which is where it really stays most of the time right?)