Looks like my pattern of passing over the S models will continue.
I bought the 1, skipped the 3G, bought the 3GS, skipped the 4, so the 4S is my new phone.
Waiting for the 5 is, of course, anyone's prerogative. By the same token, once the 5 comes out, everyone knows that a 6 is probably only 12 months away. And if you bought a 2011 car a few months back, the 2012s are already here. And your flat screen TV that you love, isn't 3D, or doesn't have google built-in or any other number of technological improvements since you bought it. And your laptop is now cheaper, with more memory, a faster processor and a built-in Blu Ray drive.
The issue with Apple isn't that it upgrades its products over time. Everyone does. The issue is that they do not discount older products prior to the release of the new one. At least with the iPhone, the hoopla surrounding it is such that, if you buy an old one not knowing that there's a new one coming down the pike, then that's more your fault than theirs. If you bought one less than 30 days ago, you can get your money back and buy the new one. But,
like every other cell phone contract, if you got a subsidised price for the phone, you're locked in until you've made up the subsidy.
Meanwhile, the 4S is twice as fast as the 4, which makes it much faster than my 3GS. From what I can tell, only the 4S will have Siri (presumably it needs the fast processor to work efficiently), so there's that too. The 5, as and when it comes out, may have a more tapered body and I'm sure will have upgrades in processor speed and/or the camera and/or the memory but, for me, the 4S is a big enough jump for me to...erm...jump on it. I have satisfied my contract with AT&T, however, so now may be the time to review options.
One thing, which went mostly unremarked, is that the dual-network capability of the new cell chip means that you can use it on a CDMA service here, and roam internationally on GSM networks (which is everywhere else except here and South Korea). I moved from Verizon to AT&T specifically to get a GSM phone for international roaming, so now I can consider all carriers* who carry the iPhone.
* FWIW, I do not like Verizon's data service. It's slow, and will not work when you're on a call.