The wording and the slide images at the 5C/5S presentation were definitely calculated to give the impression that M7 was an actual chip with its own package http://www.youtube.com/watch?v=gZac8af1L4E#t=619 . Phil Schiller even explicitly says "the M7 chip" at 11m52s in the video http://www.youtube.com/watch?v=gZac8af1L4E#t=11m52s .