Flawless. Launch day black 5, and it looks better than my naked 4S did after the same amount of time (maybe I'm more careful with the 5... who knows). Both were used about the same way and were only put in a pouch if I was planning on putting them in a pocket for any length of time.
Despite the trolls who act like the phone falls apart if you breathe on it, the VAST majority of users that go naked (even the ones that I know of, probably 20+ people) have had no issues with it holding up well at ALL.
IF you are the type of person who obssesses about tiny nicks and scuffs you shouldn't be using ANY device naked anyway, but if you do go naked the black 5 holds up FINE... as long as you aren't a moron with caring for it (true of any device).
Funny, after all the launch day hysterics, my resale will be the same as someone who wasted time exchanging dozens of phones, and spent hundreds of dollars on cases "protecting" it. With case cost in mind, I'll come out AHEAD.
Go me