The only reason they would be waiting for 4g is so they have the opportunity to sell a 4gs, just for the name and keeping it simple for the apple users.
"Iphone 5-4g?, what?!!! too many numbers!!! Life is too confusing and harsh, I must save my money."
The camera is generally a massive improvement over the 4. In this photo, the left is the 4, the right is the 4S:
Siri is pretty awesome, too. Here's it working together with Apple's "Find Friends" App:
Being able to simply ask things like "will it rain today" before leaving the house, or "remind me to pay the bills when I get home" (based on GPS locations) is fantastic. Even things like "set my alarm for 7am". For the diet conscious: "how many calories in a glass of wine" etc.
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