Those are very different illustrations. Either way, I think that this is nothing more than a rumor. A rotary dialing system? Even the thought of that seems insane. It's so old fashion that I wouldn't even begin to know how to work it. And there's no way it could be speedy.
I also find it very hard to believe that Apple would create such an innovative interface for their phone and then turn around and scrap it on the next release.