I've been thinking about which one I would want to get. A larger screen does have some benefits for me, but it also has downsides. The iPhone's small size makes it pretty nice when I work out as I mostly just listen to music. A 4.7" is larger already, but a 5.5" may be too unwieldy. Also, I put my phone in my breast pocket while in work attire, and the 5.5" may not fit. A friend let me try out his Note II today, and with his thicker case on, it barely fit into my pocket... and I had to force it a bit.
Although, there are rumors about optical image stabilization being a 5.5"-only feature, which is something that I would possibly be interested in.
EDIT:
To note, while I am planning on upgrading, I have a 5S not a 5, so I won't provide to "the glut". 😛 TouchID was what pushed me to shell out for an off-contract upgrade last year, and I was quite pleased with it. Frankly, if the rumors are true about Apple putting TouchID on the iPad, I'll upgrade from my iPad 4 to the new iPad as well. The one change that I'd love to see is actually in a third-party app. I use KeyPass for managing my passwords, and I'm hoping that the TouchID third-party access means I can use my print to access my database rather than having to type in the code every time (I've gotten pretty fast regardless of its length!).