What happened is that LG is taking a different spin on the term. The G6 is the one that will sell the most, so they've redefined flagship to mean that. So while LG held back on equipping the phone with the latest hardware, they've focused on usability. Many will think (a few of us here as well) that's just downplaying the fact that Samsung won't let anyone use the Snapdragon 835 before the Galaxy S8 comes out, but let's face it - LG's marketing team did have to maneuver around the issue somehow.
As for the ultimate in specs, LG says we should look for them in the V-series from now on. How convenient it is that the V20 is due for a refresh in the fall, when the S8 will be in the rearview mirror.
Read on, however, and you'll find out that LG can build a remarkably strong case for the decisions it's made (or the ones being forced upon it) for the G6. Sure, it's only the Snapdragon 821 chipset that's driving the G6 and not the upcoming S835, but it's not exactly a slouch, the S821. Also, let's not forget that it is, after all, Qualcomm's still-current top model.
Another eyebrow-raiser is the choice of the Sony IMX258 camera sensor, the imager of choice for a few dozen smartphones, going as far as two years back. This includes prominent smartphone models as well as models you've likely never heard of. They span across a price range of $150-$350, which is less than half of the LG G6's asking price. It's obviously not a flagship cameraphone sensor, but remember - the term's been redefined. Also the G6 does have two of those IMX258s, so that should count for something.
It's also still the same concept - a crazy ultra-wide-angle camera accompanies the regular one. True, the coverage has been shrunk a little on both, but you now get the same 13MP resolution on each of them, so the wide-angle shooter doesn't feel like it's getting neglected.
But best of all - that display. We all want larger displays, but no one is particularly fond of the extra bulk that goes with one. That's what LG's surveys showed too, so its designers went out and stretched the screen to cover most of the device's front - the 5.7-inch 18:9 aspect panel fits in the same body footprint as the G5's (admittedly, the G5 is not a screen-to-body ratio contest winner, but still). Oh, and the corners here are cut for a reason beyond appearance, but more on that later.