There is a lot unsold iPhones 4s on the Apple Store. According to the "About iPhone Batteries", iPhone's battery should be regularly charged. But in case that the battery is not charge after the iPhone has been packed in 2011-2012, what will be the condition of those batteries? After all this time for several years on the stock.
It depends on how the batteries are maintained since Lithium-ion polymer batteries need to be used and recharged regularly. There will definitely be some reduction in capacity as time passes, regardless of whether the batteries are regularly used/charged or not.
From Battery University - Is Lithium-ion the Ideal Battery? (emphasis mine):
Aging is a concern with most lithium-ion batteries and many manufacturers remain silent about this issue. Some capacity deterioration is noticeable after one year, whether the battery is in use or not. The battery frequently fails after two or three years. It should be noted that other chemistries also have age-related degenerative effects. This is especially true for nickel-metal-hydride if exposed to high ambient temperatures. At the same time, lithium-ion packs are known to have served for five years in some applications.
Manufacturers are constantly improving lithium-ion. New and enhanced chemical combinations are introduced every six months or so. With such rapid progress, it is difficult to assess how well the revised battery will age.