^I don't think it looks all that bad. In iOS 5, Apple is adding a lot of lockscreen functionality. (from apps they killed in the App Store: LockScreen Info, WiFi Sync, etc)
Unfortunately, in regards to the calendar it all appears to be 'reminder' driven and not event driven. This poses a significant problem for me. It is hard enough to keep my schedule, if I had to set reminders for everything I do, I'd go nuts. If I set reminders for the major stuff, the minor stuff will go un-noticed. (I can't be expected to continually open my calendar app during the day).
I'm excited to see what the iPhone 5 brings, but regardless, functionality is already shown in iOS 5.
A thinner phone with a larger screen, faster processor and more memory isn't going to add to functionality, just make it smoother.
Perhaps I'll need to revisit iOS 5 after it is jailbroken with many apps to address what I need, or just all together wait for iOS 6.