Yesterday, we saw Apple unveil the eagerly awaited iPhone 5, with its bigger/taller/improved 4" display, thinner and lighter body, faster LTE data connection (where available), new faster A6 chip (processor), sapphire lens cover to better protect the cameras optics, and improved battery life. Disappointingly (for me anyway) the camera essentially remained the same as the current iPhone 4S, with an 8 megapixel, f2.4, 5 element lens.
So what's new for iPhoneographers?
The Camera: Well, as mentioned above, the camera isn't significantly better than that found on the current 4S, an 8 megapixel sensor and f2.4, 5 element lens; however the new iPhone now has a new faster A6 chip, with an improved image processor that promises to reduce noise. Apple is also adding what it calls a "smart filter" that they say will improve colour saturation, and a "Dynamic Low Light" mode that is said to offer improved results in low light shooting.
The processor (A6 chip): This is the feature most iPhoneographers will benefit from. With its increased processing power, the iPhone 5 should process images quicker, and allow developers to push the boundaries of what their apps can do. This new chip has also allowed Apple to make image capture 40% faster that the current 4S.

iOS 6: iOS 6 will offer a number of new and improved features, but the key one for iPhoneographers, is the Panorama mode, which will let you capture a sweeping 240 degrees, by just moving camera through the scene, and according to Apple's website, will be available to iPhone 4S owners,
Video: If you shoot video on your iPhone, then you should be pleased with all the above, improved audio capture, and the 16:9 ratio 1136 x 640 Retina display.
Who's the iPhone 5 for?
Well, if you have a pre iPhone 4 (a 3G or 3GS), then the 5 is defiantly 100% for you, however with only a minor incremental upgrade to the camera, if you already have a 4S, then you may want to wait until the 5S arrives next year.
The dilemma for iPhone 4 owners (and this is where I sit)
Question: If you own an iPhone 4, do you save money and upgrade to the cheaper 4S, which offers an improvement over the 4, yet offers a similar camera to the 5, or jump in with both feet and buy the 5?
Answer: Well, for me, having invested in add-on lenses, cases and tripods/mounts (which I regularly use), I am beginning to swing towards an iPhone 4S upgrade, with its better lens, then wait for the 5S to arrives next year. By then, all the accessory makers (old and new) will have released their cases, lenses and mounts, and Sony's new 13 megapixel camera sensor (due later this year) will be available, and will hopefully form part of next years update.
So, these are my thoughts, but what are yours? Will you be updating to the iPhone 5, the 4S, or waiting for the 5S?