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.

Update: the M7 has been found!.

Our A7 was fabbed in July.