As a (top 5) line sitter at nearly every iPhone/iPad launch I can tell you, if you get there before 3, prepare to get escorted off the premises by security. Unless you're in a 24 hour city (lucky), a'course.
Show up around 5. Get some sleep. You'll get your phone.
Maybe in your town but my town is not a 24 hour city (even our IHOP closes at 9 or 10) and I was in line for the 4 at 12 am and the only thing security had issue with was no bringing my own chairs (I have no idea why not but oh well).