If the yellower/slightly washed-out screen wasn't there I'd be much more enthusiastic about the 4S but that has honestly taken quite a sheen off the phone.
Is the upgrade from the 4 to the 4S worth it? Yes and No.
We paid €230 for the 32GB phone (I wish we'd got the 64GB but ...) and my wife get my old iPhone 4. The extending the contract doesn't really come into it as we'd be sticking with Telekom anyway and it was time to renew one of the contracts. The plus side is that my wife has stopped paying nearly twice contract amount a month (she was talking a lot) as she has moved up to a better tariff.
For the phone itself, it is much snappier. Sometimes you'll notice it, other times you won't as sometimes the difference is only a second or less.
The speaker is better, though as noted in another thread here they seem to be applying a weird equaliser effect on custom ringtones that means they are sounding worse on the 4S than on the 4.
The camera is better, it catches more detail but the results are, to my eyes, slightly washed out compared to the 4. You could describe that as being more natural but certain things, like wood tones I think look better on the 4. Also Fries
🙂 check
out these photos (not mine)
iPhone 4S
iPhone 4
Best improvement of the camera though is the green splodge that appears on photos taken in certain (CFL) lighting conditions is gone. This alone is a big thing for me. (You can see a little of it in the above iPhone 4 picture, look at the right side of the chicken in the middle of the shot, you can see it is a bit greener than off to the left)
GPU - It might be faster but I haven't noticed it yet in the things I do.
Siri is cool though she/he/it has good days and bad days, particularly with my quite mild Northern Irish accent.
Screen - largely the same as the 4 except a little/lot yellower (depending on what tint your 4 had). From reports here and elsewhere in "proper" reviews its been noted that the screens have a different tint
Battery - Honestly I think this is more an iOS 5 bug than a 4S hardware issue. Particularly from having seen where device loads were typical sitting under iOS 5 compared to iOS 4.
Data Speed - It is much quicker than the 4, for me on 3G its about double (or a little over) the speed. Great except that Telekom have a shallow incline for the first X seconds of an download, so small data transactions are overly going to benefit.
So, if I could talk myself out of having bought one I probably would. However I admit I have a problem and that resisting the newest versions of the iPhone / iPad is difficult for me.