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At some angles the black/slate looks horrible, same with the white/silver, and at others they both look great. I went with the white because I'm worried about nicks on the black looking very noticeable (even though I baby my phone).
 
For the first time I prefer the white iPhone. It looks more similar to the 4/4S which I like, I don't like the black edges on the iPhone 5.
 
The letter boxing on the black makes it less apparent. Also the black band is sleek.
 
I think the white iPhone4/4S looked better, mainly the back being all matte white looked very sleek, but now with the silver finished on the back it doesn't looks as good to me.

Where as the black looks really good now, because with the screen off, it's hard to tell where the screen stops and the metal starts, it looks very flush like all one unit. And the matte black back looks super cool, and better on the black phone.

But, big question, how will the black banding hold up over time ? Will it scuff and scratch off, revealing silver behind the black ? That will look really tacky and bad.
 
I'm leaning towards white just for something different, but I'm going to wait until I can see them in-store before I decide.
 
It doesn't really matter as I will probably change the colour again. Now my iPhone 4 has a gold band and the front and back glass is mirror dark blue.

I'm thinking with the black band on the 5, red front and back will look nice.

I kinda wish Apple did more colours, but I understand why they don't. They don't want to have to worry about holding stock of unpopular colours, I can imagine people would get pretty pissed if they were told, "Sorry, all we have in stock right now is pink. Is that ok?"
 
had black and white. Black makes the screen pop more, white hides scratches and fingerprints better.
 
Go to apple.com and see...

Apple clearly chose Black iphone 5 over white iphone...

There are tons of more images of Black than white.

Black iPhone 5 all the way.
 
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