I'm currently on military deployment overseas, and hope to be back home, stateside in Cali, by maybe end of Oct.?... and by then, a slew of choices on new devices, and iPhone 5? I have a contract with Verizon on military deployment hold, and will reactivate once I get back. I saw that a 32GB iPhone 4S goes for $299 with 2 year extended contract right now. If it sells for at least half that by the time I return, then I would seriously consider getting it, and dumping my old Droid X that's sitting in the bottom of my duffle bag since I got here. Using mostly my 3rd gen iPod these days.
Or, if the deal is not just right, maybe try out the Galaxy Nexus phone, since it'll have Jelly Bean 4.1, and maybe a price drop of its own since so many more Samsung phones are coming on the market. Galaxy Nexus w/ 2 year renewal contract on Verizon is $149, and if that drops to $99 by late Oct., I'm seriously putting that on the top of my list.