To be perfectly honest, I don't think there will be a clear 'flagship' phone of 2014. The S5, M8, G3, and Z2 have very similar specs and because of that, it is the stand out features that people will want. All four of these phones have their qualities, but some will always want different things to others. I would not say that a flagship has to have the 'Highest specs'. The Moto X was probably in my opinion the flagship of 2013. It was not the highest in power, but it was the stand out between all the devices that year. Unless Google or another manufacturer can come up with a ground-breaking device in Q4 (coinciding with Android L), then I don't think there will be a stand out flagship this year.