Reporting in after 3 days on the iPhone 5, coming from the 4S:
1. It's taller, and I'm getting hand cramps from using it. I'm not kidding. I'm sure I'll get used to it, but ow! lol.
2. The storage is the same speed. Fortunately (?) they didn't change the camera megapixels, so it's not any slower than saving edited images than the 4S, but it's not any faster either.
3. CPU is faster. Editing pictures flies now. But again it goes back to the storage speed...adding layers in PhotoFX still takes awhile, then I can edit fast, then add a new layer, then wait for a save, rinse, repeat.
4. Battery life is the same. No complaints. I would have thought that (1) the lighter weight, (2) the larger screen, and (3) the 4G would cause the battery life to decrease more, but nope - works great! Also seems to charge pretty fast.
5. I do like the new dock connector. It does not feel breakable, you can stick it in either side, and there's no push-clamp to have to undo to pop it off. Would have been a little nicer if it were magnetic and had a squeeze-LED to let you see in the dark, but whatever 😉
6. LTE blows in my area (Hartford on Verizon). I get 1-2 bars most of the time, and it's slow and drops. I get the "o" thing a lot (no data signal). When it flips back to 3G, my bars typically go up to 4-5 bars. I'm experimenting with turning it off today (Settings > General > Cellular > Enable LTE > Off) to see how it goes. I'm already getting double the amount of bars on 3G just sitting here.
7. I don't notice the black bars on the top & bottom of apps that haven't been converted to the new taller screen format yet. Not a problem for me at all.
8. I'm having camera issues, which appear to be common on all the new phones (purple flare, among other things).
Overall, a lame upgrade for me. It doesn't save photos any faster, the camera seems like more of a downgrade than an upgrade, and 4G in my area is poor. I am considering downgrading to the 4S. I think it all depends on how you use it. I primarily use my iPhone as a camera, so I'm not super psyched about my upgrade to the 5 right now.