iOS 5 releases on October 12th.
Apple's 'Let's Talk iPhone' keynote liveblog! -- Engadget

iPhone 4S only...
http://www.apple.com/ios/features.html

No 4g, then no new I Phone for me.

it has HSDPA.... That is 4G as we know it.

All of the hype, rumors, and mock ups prove to be Vaporware. It's neither an iPhone 5 nor is it a mini iPad 2 look. I find it all funny. Apple rumors is a new Internet sport.

iPhone 4s is cool and with some nice improvements but I'm not ditching my 4 for it. If someone is on a 3G then it's a worthwhile jump.

Only on At&T

AT&T iPhone 4S Will Be Faster Than Verizon and Sprint's

The best line from that article:

"(Key caveat, of course: That's a theoretical max speed, and if your AT&T service is terrible now, don't expect it to be magically a million times better and faster.)"

AT&T, at least where I am, stinks. I'd rather have consistent, reliable, and clear voice service with VZW than any theoretical benefits with AT&T. ;)

Hey i've got a 3G and i'm out of contract so I can bring it home try it on AT&T and if I don't like it I can send it packing. Still I'll wait a bit for the details which i'm sure will show up around these parts.

Disappointment as competition is having a new smartphone every 3 to 6 months. And after 16 months Apple still could not deliver a new hardware. Still the same 16 month old hardware in this fast changing smartphone world.
My guess is that Apple is running into some tech challenges with the new revolutionary design hardware and now we will see iPhone 5 in June 2012.

Apple's big iPhone disappointment

WSJ poll shows majority does not want to upgrade to 4S.

iPhone 4S vs. the smartphone elite: Galaxy S II, Bionic and Titan -- Engadget

I believe this comment (Part of which I borrowed) sums it up nicely.

Here we go again. The outside hardware didn't look different. The predictably shallow public were wanting something that said "5" on it. A model that would be visibly differentiated enough from the current "4" model that when, from a reasonable distance away, they walked around chatting and surfing, it would be apparent to all just how fashionable they were to be in possession of the latest, most expensive model.

Despite the fact that this phone should be twice as fast, have better download speeds due to the antenna configuration, and have a much-improved camera, it isn't enough. Apple is asking consumers to shell out the $$$ for a Polo rugby sweater that doesn't have an embroidered rider where the public can see it.

Remember Apple didn't pump all the hype for this update so the disappointment belongs
to those who did. Compared to my 3G (which cannot run OS5) I believe it will be a nice upgrade.