I was upgrading at each new release. However, the iPhone 5 turned out to be a questionable "upgrade". In fact after a few weeks with it, I simply couldn't continue to suffer the frustrations of the very incomplete Apple maps. Ad to that the other various bugs & annoyances, all well documented in the forums, and it was time to shelve it, and return to my excellent, reliable, fast & fun iPhone 4S.
Looking across the landscape of Apple product "upgrades" during calendar year 2012, and it's all too obvious they are now more focused on other things besides value based upgrades.
Therefore, I've decided to stop pre-ordering and instead just take a wait & see approach. I'll wait for others to post their experiences, problems & bugs. Apple has lost my trust at this juncture. I respect their right to value profits above all else. And I in turn, will stop automatically feeding their addiction.