I was lucky enough to get both the black and white iPhone (one from Apple, one from Vodafone) to review (both have since gone back) and the black one is painted and if it can chip off - as had happened on mine before I even took it out of the box - revealing silver metal underneath. For that reason, I preferred the white one - which had a nice mix of white and silver.
At launch, few apps supported the extra screen height but that will change - and it's very fast. Battery life was okay (not great if you're using it - fantastic just sitting idly by in standby mode). The camera is great and it's very light - almost too light (it's the sort of thing you feel you might pick up too quickly and chuck on the floor!).
I'm an Android user myself, but the iPhone 5 is the best iPhone available - although I've opted to stick with Android and get an iPod touch, which has the same screen but is even thinner (and now has a decent camera, although not as good as the iPhone).
At the end of the day, while Apple may no longer lead the way in sales numbers, number of apps being added to their store (over Google Play) and doesn't even lead the way in specs - iOS is still favoured by most developers and there's a fantastic ecosystem of apps and games.
It's not that easy to just go from iOS to Android or vice versa if you've invested in content already (more apps/games than music which can be migrated) so if you're after an Apple device, your choice is already made up - although I guess there's still life in the 4S for a bit, and it's a lot cheaper.