How to get IOS 7 on my new iPhone 5?

Do i just connect to itunes?

I did, then when i press check for updates it says IOS 6.1.4 and that the device is up to date.

Apple hasn't released it yet. Expect it sometime this fall.

It's out for Developers. It will be released for the consumer this Fall.

If you want to download it legally to your iPhone 5, check this guide on how to upgrade to iOS 7.

These are the iOS 7 beta Compatible Devices

iPhone 5 (Model A1428)
iPhone 5 (Model A1429)
iPhone 4S
iPhone 4 (GSM Rev A)
iPhone 4 (GSM)
iPhone 4 (CDMA)
iPod touch (5th Generation)

Here's a tutorial for how you can get the iOS 7 beta for your iPhone.