If you’re still on the fence about upgrading your iPhone it may be for good reason. Many Verizon customers wanted a LTE enabled iPhone which many of the Android phones already have as a service, although with poor battery life. The iPhone 5 may be a LTE model, but it’s anyone’s guess when that comes out. I believe that the iPhone 5 will be just a radio refresh to include LTE sometime early next year. This would be done to avoid the backlash of the 2G to 3G conversion Apple made in a few months after the iPhone 2G was released.
If you own a iPhone 3G or a 3GS, then it’s a good move to upgrade, IOS 5 will bring some new features, but performance always lags on full version upgrades. If you have a iPhone 4 and it works great for you already, then have fun with IOS 5, and wait it out. Especially if you have to pay expensive upgrade fees because you only have had it for a year or so.