It seems Hanes may be trying to save money by making the pocket really small. In all my other pocket Ts (various brands), my iPhone 5 fits entirely in the pocket. In this one, about a half inch sticks out the top. The pocket is also narrower than any others I have, just wide enough for the iPhone. So if you're like me and carry your phone in your top pocket, and if your phone is bigger than an iPhone 5, you should think twice.
As far as the massive shrinkage reported by another, I did not experience that when properly washed in cold water.