Anyone still thinking of queuing in London tomorrow for an iPhone 5 shouldn't be put off by those saying you're "probably too late". During the iPhone 4 launch, the Regent Street store served every single customer that walked through its doors for the iPhone 4 on launch day. Those who didn't make it through the doors (due to the store closing at 10pm) were given a reservation card so that they could re-take their place in the queue next day.
By mid-Saturday all of the phones had gone. However the average queue time was 4-6 hours, so technically anyone queuing before 2pm on launch day, definitely got a phone that day.
Of course, the demand for the 4 was less than the demand for the 5, but I would also suggest the quantity of units is higher this time around. Also remember that Covent Garden wasn't open then, so the Regent Street store took the brunt of Apple fans queueing (with small numbers at Brent Cross and Westfield White City).
I'm not suggesting you'll be guaranteed one tomorrow if you get there before 2pm, but I would strongly suggest anyone getting there by opening tomorrow will walk out with an iPhone 5 (Perhaps not a 16GB so be prepared). But again, be prepared for an exceptionally long wait.
The above information was given to me by my brother in-law who was a Genius in Regent Street (and now Covent Garden). No guarantees, but hopefully some small assurance for those of you thinking you already should have started queuing. 😉