Yes, 5 was a minimal upgrade.It's now several months since the launch of the iPhone 5. This has been my first iPhone. Something still feels inadequate especially when I interact with pals who have decided to keep their iPhone 4S saying they are very content with it and will not even bother upgrading to the 5. Do you feel the same?
Girlfriend has 4S, and I have 5. Really not much improvement.
My 4 -> 5 was reasonably substantial though.