If you're looking for a real-world comparison of the iPhone 5's camera versus the 4S, check out this series of photos on TREK. Photog Austin Mann took some 5's to Iceland to test them out.
Low-light photos look great and show considerably less noise than the 4S. It's probably not as great at Nokia's upcoming Lumia 920, but we'll wait for Engadget to test the 920 head-to-head.
Mann also tested the iOS 6 panorama feature, noting how fast and easy it is to use.
Perhaps most intriguing: the iPhone 5 fared well in durability. From Mann:
"Late September in Iceland