I'm in a similar situation. I have had my iPhone 5 for 2 years now, the contract is up July 2nd and I can't wait to get the new iPhone 6.
I know it's only a few months until the update comes out, but those 3 months will be torture! The only reason I waited 2 years is because the contract made me.
Ah, but it's fun torture! Don't you like anticipating something cool? I hate waiting, too. I'm reading the rumors and if they are true I think the next generation of IPhones will offer me the beast I was looking for.
I'll be blunt, as excited as I was to get the IPhone 6Plus last Fall, I reluctantly had to admit it felt dated already. If I were to be in your shoes and get it now, I'd really feel the creaks in the technology. I'm not even a "power user". I'm just a housewife. I'm not trying to play taxing games on it or anything like that. I don't even stream videos. I end up in trouble just trying to have more than one web page open on the browser. Like around Christmas time when I'm comparison shopping or researching specs on digital cameras or something and need more than one site open.
I'll be honest, my husband has the identical model as I do and he loves his iPhone and thinks it's the best one ever. He uses apps to access content whereas I tend to use the browser, so that there may be the source of our differences. Still, I can come up with other reasons to upgrade.
For example, with the huge screen it's fragile as hell without my awesome Incipio wallet case on it. And while putting that case on, I nearly bent my iPhone.
Look, "Bendgate" is stupid. It is a bunch of idiots looking for attention by bending iPhones on purpose and making a huge deal out of the fact it can be done at all. The reality is more mundane. In some real world situations yes, the iPhone can bend. Most of the time it won't, but sometimes it can, so it's great if Apple is doing something to mitigate the risk. The rumor is that they are going to use the better aluminum from the Apple Watches and they've also reinforced the insides a bit.
At any rate, 1 gig of RAM is soooo 2012. Let's move on to at least 2 gigs already!
The camera is not good. It IS good for video, I've got no complaints there. But it's got a terrible noise reduction algorithm that makes photos come out like Monet watercolors. That's been going on since iPhone 5s for me. I think it's actually worse now. I don't know if the new camera will be any better but I can't imagine it being any worse.
I am also waiting to see if they change the screen tech. I'm fine with it now but if they want to switch it up to the same Amoled that's on my Apple Watch I'm interested in seeing what that does for battery life.
There's good waiting and there's bad waiting. I think what we are looking at is good waiting.
Now, if you have sufficient willpower, it might behoove you to visit the stores and hold the two models in your hand and really consider carefully which size you would like to go with. But do not cave in to a desire for instant gratification and run off with one of the current generation without waiting for more solid news of what the new generation is going to be like. Really, I went from the 5s to the 6Plus and that's only because of AT&T Next. If I didn't have that plan and was going to be stuck with the 6plus for 2 years I would have regretted that switch. 5 and 5's don't suck enough to justify an impulse switch-up.
The next gen will be what the IPhone 6 really ought to have been, I think. I think 7 will be even closer to what I'm dreaming of, but seeing as you're already chomping at that bit I'd never recommend you wait that long. At the very least wait long enough t see what deals you could get on the current 6's.