Updated Sep 16. I like the new iPhone 5 a lot. The 4 was a museum piece and 5 takes it to a new level of design goodness.

Apple is about simplicity. The features race is for the guys chasing the leader. What Apple does is make really good technical choices. They don’t go early on unbaked technology. They have the best volume pricing and availability of any phone maker so have their choice of exotic technologies. Their profit margins allow them to do whatever they want. We get incredible tech for the price.

To break it down, what stood out to me in the announcements, hands on reports and Apple’s iPhone 5 video.:

1. Feel. The feel of the device is extraordinary. Jony Ive says so and shows how they’ve done it. [Apple Video] People who’ve had hands on the device claim you will buy it if you hold it for 10 seconds. The fit and finish, texture, shape — these are subtle things and certainly hard to convey in a presentation. Gene Munster, who had hands on with the 5, calls it “a Rolex Among a sea of Timexes”. [Anandtech.com]

2. Size. The 4″ vs 3.5″ screen real estate is an 18%-sized chunk taller. I would probably be willing to sacrifice one hand use for a bit more real estate, but I’m satisfied with the improvement this time around. It is 18% thinner. 20% lighter. 12% less volume. Right – it is a smaller device overall than the iPhone 4S.

3. Museum Quality. People in the art and architecture world think about how great art and design elevate the human experience. The best iPhones so far from this point of view are the first, the 4 and now the 5. I haven’t had hands on the 5 yet, but the 5 should elevate us to a whole new level. I love carrying such a useful device that alters me at the same time. [Apple’s iPhone 5 Design page].

4. Speed. Anandtech.com was very pleasantly surprised by how big a speed bump Apple put into the iPhone 5. Up to twice as fast as the 4S. They didn’t think Apple would put in a new A6 chip loaded up with dual ARM Cortex A15 cores (correction, Apple is doing something custom in the A6 so Anandtech now (Sep 15) isn’t sure what is in there exactly). Double the RAM too (1 gb). Technology mavens know that an increase in speed increases the size of the playing field for creativity. Developer resources just shot up again and more is possible. The app marketplace will be inspired to find new and better applications for iPhone 5. [Anandtech on custom A6]

5. Better Screen. Anandtech reports the screen of the iPhone 5 is noticeably better than the 4S even in the very challenging lighting conditions in the demo room. 44% more color saturation compared to 4S. I can’t wait to see what a screen better than the amazing 4S screen looks like.

6. “Less but Better“. We know Jony Ive is and Steve Jobs was a big fan of Dieter Rams, the great industrial designer for Braun. Tenth of his famous 10 Principals of Good Design:

Is as little design as possible – Less, but better – because it concentrates on the essential aspects, and the products are not burdened with non-essentials. Back to purity, back to simplicity.

Chasing specs and new technologies is for the Samsungs of the world. Apple moves on these technology opportunities and new materials when the time is right. That doesn’t make them less innovative. Throwing tech up against the wall to see what sticks isn’t all that desirable. [David Chartier] [Apple’s iPhone 5 Features page]

7. The Apps. Apple’s ecosystem is ahead here and that lead is showing staying power. There is little profit on the Android Google Play app store. Windows Phone bombed in the marketplace. Windows 8 isn’t out yet. A few apps like Evernote are on Android in good form, but so many are markedly inferior or missing. Unless you are gung-ho for Android or buy multiple phones, I wouldn’t be straying from iPhone any time soon. My home screen showing the apps I use most is at left.

8. Thunderbolt and Lightning. The new small 8 signal iPhone Lightning connector won’t work with old docks but is overdue for an upgrade. Not going with the standard micro USB connector gave Apple the chance make it the best connector ever and to future proof it. Luckily, Apple’s track record and less is better attitude means they’ve thought this through and we’ll be happy with the end result. [MacWorld]

Should you upgrade? I have a 4S and I’m going to upgrade on day 1, but that’s no surprise.  I can trade my *old* 64gb iPhone 4S in for ~ $350 and buy a new 32gb iPhone 5 (with a new contract) for $299. I’m switching from AT&T to Verizon and paying the $215 cancellation fee. It is worth it to me to pay the extra charge to take advantage of this exquisite tool. If you get good use out of the the computer in your pocket and are a knowledge professional eligible for a full upgrade, why not upgrade?

My Plans. Personally, I’m leaning towards the white/silver version although I think the black/slate is pretty hot in a darth vader sort of way. I’m still sussing things out and plan to go online before preorders start tonight at 12:01 am PST. Planning to use my iPad’s Apple Store app to place the order. (Update, I preordered the 32 gb black/slate shown here due for delivery Sep 21)