I hope it doesn't. I have experienced it first hand with my 4S which became horribly laggy and unusable after all of the iOS updates, and I had no way of downgrading iOS and returning it to the factory state.
Also regarding the battery issue, call me a cynic but there is no way that this wasn't PR driven. Apple took a PR hit because they sneakily slowed down the phone instead of informing the user that their battery is dying and that they should get it fixed. Obviously because it would highlight the flaws in their design (which other smartphones might or might not have too).
I'm not an Apple shareholder so I don't care about their profits at all, and hopefully neither should anyone else.