Just to share my experience, i have been trying to reserve on the Apple site everyday for 3 weeks. Finally, i got THE email on Thursday night - so off i went yesterday to pickup my IP5..... i came home with a 4S!!! What went wrong? I love Apple kit, my home is kitted out with iMac, Macbook Pro, iPad etc.... however, I have played with the IP5 a few times and it just doesn't do it for me. Love the screen size and clarity, but i just don't want a phone that big and it feels too light and flimsy to me. If i want a bigger screen i will use my iPad (which i take take with me on my commute to work etc) the whole point of the iPhone to me was to have a small device that i could get all my email/iCloud stuff on - and i think the 4S is perfect for that.....
No words of wisdom here, just funny how i came home with a 4S and not a 5.
I'm a little disappointed that for the first time i was not totally blown away by a new Apple product and went for the last generation variant. I actually hope that in the future they make a smaller 3.5" variant of the 5, 5S or 6 - so we can have the nicer screen and more powerful unit but the compact size.