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This thread has made me reconsider what I recommended and I might upgrade mine!
That Verizon one isn't iPhone 5, it's just #4 on Verizon.
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hang on.... i have a 4 already (18 month contract)....
if a new one comes out in June / July with some fixes and i want to get this new phone even if i sold my old 4 can i then just put my old sim card into the new phone and away i go?
Yes, you could just walk into an Apple store, buy one and stick your sim in.
do orange not need to know?
I would be inclined to wait for the next one which is due in June.
Having said that I would be interested to see how they are going to advance from the 4 as it is a massive improvement over the 3GS. It is possible they may do a minor upgrade like when they did 3G - 3GS