Will iPhone 8 have a cutout in the display?

If this rendering is accurate, it's disappointing. What's the point of an edge-to-edge display if there's a big cutout in it?

I have heard rumors to the contrary, that the cameras and sensors will actually be hidden underneath the display. If true, that's very impressive.

But if that isn't possible, then the top bezel should extend all the way across the top of the phone. Otherwise, the cutout is always going to feel like a giant dead spot in the display.