I gave up on the Apple Store reservation system and just started calling all the local places that sell iPhones like Radio Shack, Verizon Wireless stores, Kiosks, etc. Found a lot of places having AT&T and Sprint in stock, but I needed Verizon. I got lucky with Walmart. They had two Verizon 16GB iphone 5's, one white and one black. I picked up both yesterday.
Just call around first thing in the morning and then again mid afternoon which is typically when FedEx and/or UPS delivers.
My family is set with three 5's and one 4s. For some reason my daughter likes the 4s more than the 5. She says it fits better in her pocket since it's not as tall. Oh well.
Good luck to all and this thread kept my hopes going.