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White, probably would have done black if one was available. Most of the phone is covered by a case anyway so I don't really care that much.
 
I'm borderline OCD when it comes to getting scratches on my gadgets. I almost went for the white since it hides scratches better, but the black just looks so cool being all black. Since my phone came out of the box flawless, I'm glad I got the black.

Another thing with the 5 is that many (most) apps have not been updated to fill the 4" screen. The black blends in with the black bars from non-updated apps better, really don't even notice the black bars.
 
Went with the black and I have no regrets. Love the classy look of the black.

For me, it's the front that's key. I always prefer that the front is black so it's less distracting to what I'm viewing on the screen. The white design of the 3GS was the best. You got the flashy white back but you still got the black front.
 
I got a black one and put it in a white Speck case with black accents. It looks really nice and this way I get the best of both worlds. I mainly got the case to add grip and weight to the phone.
 
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