I have them both, for now. Contemplating if I'm keeping the 5. That extra bit of height is not doing much for me, after used to having the enormous amount of space on the S3. But there are a few things in Android that bug me, like no zooming out in email and the apps. If I don't keep the 5, I'll switch between the 4S and S3.
To answer the OP's question, yes I feel the iPhone 5's screen is still too small, IMO it is neither big nor small enough, so I might as well keep the 4S and the S3. I'll have both too small and too big
The enormous amount of space on the S3 is worth the extra bulk to me, but it's very hard to me to give up the apps in iOS which is why I'll have both.
Someone mentioned something about the DPI on the screen. It's not that the S3's screen has a low DPI. It's the Pentile pixel arrangement that causes blurry text (especially smaller fonts) which I can pretty clearly see.