I was eligible for an upgrade a few months ago so I grabbed an iPhone 4. It is likely while the iPhone 5 will be announced shortly it may be a couple of months after that until it is actually available and it will likely be in short supply for a couple of months too. My next upgrade in January 2013 and I can live with the iPhone 4 until then. I didn't see a reason not to upgrade and have something good when it is not certain exactly when the next generation would be available. Probably by the time the iPhone 5 is out and a decent supply readily available, I'll have less than a year left.