The most eye-catching feature only on iPhone 14 Pro and iPhone 14 Pro Max.
Apple shifted to a pill-shaped cutout on iPhone 14 Pro and iPhone 14 Pro Max which is called as Dynamic Island. This feature can display various information such as incoming calls, Live activities, notifications and more. According to Ross Young tweets, he said that Dynamic Island feature will be expected on standard models on iPhone 15. However, ProMotion 120Hz display technology will be exclusive to Pro version due to a supply chain that "can't support" the feature on more afforadable models.
For your information, 120Hz LTPO display on the iPhone 14 Pro and iPhone 14 Pro Max allow the phone to automatically adjust the refresh rate depending on the usage in order to prolong the battery life by reducing the battery consumption especially the Always-On Display feature.
In conclusion, making the Dynamic Island a standard feature on future's iPhone model would particularly to encourage developers to take advantage of the feature. While some apps already using the cutout interesting features. As we can see in the tweet embeded by The Verge, Kriss Smolka created a game uses the UI element for a Pong-style game.