Indeed! I had the 4s--my wife the 4. They released the iPhone 5 close to my birthday...my wife 'gave' me her update in exchange for my 4s. I sold the iPhone 4 locally for a nice chunk off the price of the 5. It's undeniably the best, fastest, 'best screen', and the LTE is really, really thick icing on the cake. Easily the best iPhone yet. The speed difference in error correction while typing is one of the things I notice most. Seems like it never misses.
Launching apps, switching between, app installs, load times, camera operation...everything seems a bit quicker. Obviously the bulk of available apps are designed around and for the A4/5 processors, so the perceived speed increase I suppose was a given...especially considering the CPU and GPU upgrades. The other thing I've noticed...both on my new iPhone and the iPad 4-- I use 'The Early Edition' as my RSS reader/newspaper every morning. I canceled my local paper subscription about three months after buying the original iPad at launch. I've used EE since then. I'm on version 2 right now. The iPad 3 and iPhone 4S both took about 35-40 seconds to fetch the material, organize and 'publish' the paper. My iPad 5 with the same 94 feeds takes just about 5 seconds to compile. The 4s, maybe six or seven seconds. Un. Believable!! Again, this is as 'real world' as it gets for me. I've also noticed considerably better iTunes 'match' performance, significantly faster downloads and storage of off line music d/l on Spotify. Just little differences, especially rendering, shooting and manipulating photos and video. The performance of iMovie and iPhoto...as well as Avid and a half dozen other photo editing apps is amazing. Again both on the new iPad and iPhone. Comparing directly with the same exact LTE 64GB iPad 3 and white 64GB iPhone 4S.
It truly makes me laugh out loud when I read comments about the insignificance of the updates....especially the folks that are dismissing the iPad update. The iPhone is less subtle as it was a redesign. The iPad may as well have been. The A6 processing and updated GPU undoubtably makes the iPhone 4S to 5 update a worthwhile endeavor IF you're able to do it on subsidy. Don't pay the extra 250. There's a law of diminishing returns. The 4s still has significant value on the 'used' market. So if you're good to go for an upgrade, the sale of your 4s will wipe out your initial investment in the '5'.
You'll love it!
J