I get every new iPhone the day it comes out. And do a little buying and selling in between. Have had 45 total.
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Do you sell/buy with every new model, or wait for your upgrade?
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I buy a new iPhone every other year. I started with the 3G, iPhone 4 (current phone that I bought on release day), and I will buy the iPhone 5 when it is released. I feel like I'm on the "good cycle" of iPhone upgrades but feel free to correct me if you can prove me wrong...
I always get the new model. I'm on a 24 month contract, so I can upgrade every other year - in between I sell the old model and put an extra £200 towards the upgraded model, putting my contract SIM card into the new handset.