I think it's a very solid upgrade. I love the 4/4s design and this takes it a step further. Faster processor, faster internet, and good battery life. The surprise factor was gone because we all saw the leaks, but I wasn't expecting some new radical form factor. The iphone 5 looks awesome!
For those who disagree, that's fine. Just be happy with whatever phone you have because I'll certainly be happy with mine.