I was leaning towards the 4.7 until I saw the hands-on videos.
I skipped the iPhone 5S, so I've been using a vanilla 5 for two years. This is the first time I've skipped an iPhone generation since the original iPhone 1.0. After printing the templates and watching the videos it seems to me that the 6 just isn't upgrade enough for me. My PRIMARY gripe with my 5 is the pathetic battery life, so that more or less tilts the scale to the 6 Plus right there. Additionally I'm a photographer and while people here have tried to suggest that no "real photographer" would rely on an iPhone camera they're missing the bigger picture: the best camera is the one you HAVE WITH YOU. So, to that extent the camera on the Plus is a big benefit in my opinion. And this isn't limited to the OIS function, but rather the big screen. With the 5.5 inch high resolution screen I can finally use my iPhone kind of like an old view camera, which is what I wanted to do with my iPad, but it's just too large for that kind of thing.
Furthermore, after printing out the template of the Plus and holding it, putting it in my pocket, carrying it around with me and whatnot (I mounted it on cardboard to get a better sense of the device's depth as well) it took only a short time before my actual iPhone 5 started feeling pathetically small.
Look, like it or not bigger screens is where the industry is going... because these devices are NOT phones anymore. They're HAND COMPUTERS that happen to have a phone in them too. So, when evaluating the device as a COMPUTER/CAMERA as opposed to thinking of it as "just" a phone the choice is more than obvious.
As to portability? Much ado about nothing. It's big-ish, but it's far from being something truly bulky like a PSP. I have no doubt in my mind that 90% or so of people will adapt to the Plus in no time and wonder in a matter of weeks how they ever got along with the itty bitty iPhone 5/5S.