Smaller sensors make them worse. Sure, they can mitigate that with better software and better optics, but sensor size is the best estimate of image quality. It's really disappointing to see that the 5 has a smaller sensor than the 4S.
When I say more, I meant more in an "Apple" way. Apple has always stood up to the expectations of its users in terms of the camera quality. When it comes to Apple, more mega pixels would definitely mean a better camera. They would never just increase the number of mega pixels and have a low quality camera. I would agree with what you've said otherwise.
Faster image capture is better in an "Apple" way. The speed with which I can take pictures with my 4S makes it far superior for e.g. taking pictures of kids, who tend to not wait for your camera app to get ready.
And yet, you will still miss shots because the camera was slow. 40% improvement here is a big deal.
This is exactly what I came on the threads worried about. They're using a smaller sensor, and they seem to have done something with the IR filter. I suppose that might improve low-light image quality; but I wonder what it's going to do to the photos when the camera is on. All in all, I want to see how this camera performs in various lighting conditions. I'm very curious.