Should you buy the iPhone 5 or should you wait until the next iPhone comes out because the iPhone 5 is almost a year old?

You came this far. You might as well wait for the next iPhone. If you preorder it as soon as it becomes available, you should have it shipped to you by late September or early October. Of course this is all assuming the September release date. The only risk is that if you for some reason loathe the new iPhone, the iPhone 5 will be available on a dicount, but it will only be available in 8GB.