Even though the 'S' models are undeniably better, they are still only a hotrodded version of the preceding non-S model and as most smartphones these days do most things well, I never see the point of buying a hotrodded version of the phone I already own. Hence why I usually only purchase a new phone bi-annually.
If someone is on the 'S' cycle, either by choice or it just marries up with their contract renewal date, I see no reason for them to buy the following model either. Only those with surplus income, or total tech fans and fashionistas buy a new smartphone every 12 months. Once upon a time phones developed quickly but now we're only seeing slight improvements. The need to upgrade every 12 months just doesn't exist for most folk. Do we really need a slight camera improvement, or a new operating system colour scheme once a year? Admittedly the iPhone 6 will bring a bigger screen, so it's a genuine improvement for lots of folk. Therefore we may see more early upgrades than previously.