If you must have the latest, buy the 5.
If you want the best iPhone ever, buy the 4S.
The 4S is far and away, the phone to have. I've got both, had so many problems with the first 5, I took it back & Apple replaced it with another new iPhone 5. The second phone was a bit better, yet still to problematic to use everyday.
So I shelved it & I'm back using the 4S, enjoying it more than ever. Little did I realize just how frequently I use Google maps & how great they are. Apple Maps are just useless since they can't be trusted & have so many errors of omission. While I feel that it's likely that Apple will get them fixed, I can't wait for that to happen.
Then there's iOS 5, which is fast reliable & so much better than this early version of iOS 6. With all the issues it has, reflected in the various threads here, saves me from having to list them all.
At the end of the day the iPhone 4S remains the finest iPhone of all.