People seem hung up in the name more than anything else.
This latest rumour hints at a new A5 chip, 8mp Cam and possible larger screen and other improvements. That's quite an upgrade I would say - and if it where in association with an iPhone 5 rather than 4s I don't think there would be so many complaints here.
Even if that is all it has new...They will still call it the Iphone 5...why now use that name when you got the IOS being called IOS 5?