There's currently no such things as the iPhone 5, its called the iPhone 4S
It has 1 new lens in the camera to reflect a better picture as well as it being 8 megapixels. It has Siri which lets you communicate with your phone as if you were talking to a person. The A5 chip renders graphics 7x faster, and basic gameplay and speed is 2x as fast. Battery life is better. iOS5 is included. This iPhone is by far the best new iPod leap from the previous one. iPhone 3 to iPhone 4 was nothing... iPhone 4 to iPhone 4S is amazing