Oh, i think its time for me to upgrade to Iphone 4.7 screen. 5.5 is just little too big for a take with me device.
I think the only reason u would ditch the air is because u do not need a tablet. For me, Ipad 2 will be my last. Its heavy, its useless compare to laptop. I think Ipad is all hyped. Apple make u think that you need it, you don't.
If you do need/want a tablet, then the iPad is not hyped, it's exactly what I've been wanting ever since the first laptops came out. But sure, maybe all the attention tablets have gotten has caused people who don't really need tablets to go get one, too.
So, sure, if OP has no need for a tablet, then the bigger iPhone might "replace" his iPad. But for me, even the iPad mini doesn't replace the full size iPads. I got the original mini when it came out, and kept it because it was so light and portable, but I also hang on to my iPad 3, which I used when at home, and kept hoping the next iPad would be lighter so I could ditch the mini and go back to the full size. I jumped on the Air the moment it came out and haven't looked back.
As for the bigger iPhone, I'm not sure. I need a phone that will fit into my pockets. Otherwise, *the phone* would be redundant, as I already have a tablet.