The decision was made easier for me due to iOS 7. Yes many love it but I personally dont like many elements after I have used the beta's (6). I own a 4S currently so I could definitely understand people with 5's feeling differently.
1. iOS7 feels too skinny, too much white space in order to give it a simple illusion but unfortunately it makes it less elegant in my opinion and definitely less easy to operate.
2. Music app is rubbish now (was so simple to operate before)
3. Phone app poorly designed - You will get lost within it, believe me - things which were suppose to be easy as saving a contact/editing a contact now requires Problem Solving mechanics. The delete key moved up, making it very difficult to operate with one hand!
4. Unnecessary animations all across the OS
5. Multi-tasking still felt primitive
6. Overall design, starting with the childish icons (firstly, are larger :S) which is completely unexpected from a perfectionist company like Apple (this is just my opinion so please ignore it if you feel otherwise). The colors and gradients on these icons just dont make sense - if there is anyone here who went to design/art school, as I, would easily realize it. Blurred dock which is called Translucent but to me just seems blurred out to the point of no recognition - the dock makes any wallpaper look horrid, except single color images such as full white/black/grey.
Finally,
Though I love the iPhone's form factor - feels perfect in the hand and not to mention the beautiful/classy shape of the device, I desperately needed a larger screen for myself.
So thats my rant, and you know what, for 200$'s my nexus 4 should serve me well (which I should receive this Tuesday) till a fully integrated/furnished iOS8 on a larger display iPhone6 arrives end of 2014.