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Same here, I'm not dropping £500 on an identical looking phone to the one I've had for over a year. I won't benefit from the faster processor, I already have a really great camera, and the assistant sounds great but not £500 great.
Thing is I hate android is so I guess I'll just keep my iPhone 4 and save myself a ton of cash. I'll just tell people it's an iPhone 4S.
If there is no iPhone 5 then you got to wonder what the heck they have been doing. One theory I have is that there IS an iPhone 5 but production difficulties mean that even delaying things, it still wasn't ready for prime time