Isn't asking a forum of 500,000+ a good way to gain some experience and conduct research?
Not everyone has the same level of knowledge about the iPhone, Apple's typical product patterns, or the other factors that determine what to do in this case.
This purchase will cost the OP $300 at the point of sale (1 iPhone, taxes, and activation fee) plus up to $720 in data over the course of 2 years. It's not a decision to be made lightly.
OP, I would wait. I'm not putting much stock into the rumors of delay. My suspicion is that bloggers and speculators have been looking for leaks and haven't found them this year (people will remember the strange stories from a few months ago that seemed like intentional leaks, almost like Apple was trying to trace the source of rumors), and that's why the assumption now is that the iPhone 5 is delayed.
However, I wouldn't expect much from the iPhone 5 either. It will probably be a modest bump in specs plus a white option and possibly more storage. It isn't going to be as great of a change as the iPhone 4, but it will probably be a slightly smoother iOS experience, much like the transition from the iPhone 3g to 3gs.
I really appreciate your input. But you say it'll be a slightly smoother iOS experience, however wont the iPhone 4 get the iOS update also? See this is why I'm torn, because if our assumptions are that there wont be a huge difference or jump like the iPhone 4 was I'm probably just going to go with that because I love the look of the 4 and there's really not much I would want to see change. Plus it has the unlimited data plan, which is right up my ally haha.