I was waiting for the 5...but about 3 months back, the screen on my wife's 3 went out. My 3 also had a small flaw. We were with AT&T and it turns out their service is worse here (near Colo Spgs) than most places. So, we went to Sprint (best coverage in our area) to make the switch.
My wife didn't want another iPhone although she loves her iPad 3. I find the iPad mostly pointless except for very specific uses but I love the iPhone. So, my wife got a simple smart phone with lots of buttons and I got an iPhone 4S. The best part was that Sprint gave us $200 trade in credit for our two broken iPhone 3's. So, our phones were FREE.
For my next smart phone, I want one of those large screen phones. My old eyes are really getting bad. I've seen a large screen phone by another company that looks to be what I'll need in a few more years. I assume Apple will eventually get around to making a large screen iPhone. At the moment, I'm addicted to the slick musician apps exclusive to the iPhone. But, if Apple doesn't offer a large screen iPhone in the future, I'll probably have to switch.