Apple's rate of innovation, when compared to its competitors, has clearly slowed down tremendously since the original iPhone was launched.
The initial momentum gained with the launch of the original iPhone is what still allows Apple to command a huge market share. This includes the huge number of apps in the store, the consumer loyalty to the Apple brand and the overall "coolness" of Apple products.
But when you look at the various platforms from an objective perspective, discounting the history of each platform, the new iPhone5 is no better than any of the current competitors.
My cousin for example, bought her first smartphone about 4 months ago. It was a Lumia 710 she got at $0 with a contract. She loves her phone. While she has no experience with other smart phones, she is not unable to perform any operation that would be possible on an iPhone or an Android phone.
Contrast this to the situation back in 2007, when the first iPhone was released. Even several years after that, the iPhone's competitors had failed to match it.
However, now, Apple is now falling behind. OIS camera, HD+ screen, NFC, wireless charging, Wideband LTE - all features that the Lumia 920 has now that the iPhone does not. Android and WP offer roughly the same feature set as iOS.
Moreover WP8 is a fresh new platform that is very different from WP7. WP8 aligns with the Windows8 and WinRT. So I am sure we will see huge numbers of app developers porting their code over the phone from the desktop/tablet.
So if you ask me which phone to get right at this moment, I would probably side with the Lumia 920.