Replace iphone 4s with the iphone 5?

I just got a iphone 4s a few months ago, then it fell in the pool! , we called apple and they said they would just send me a new phone for $200… But then i realized they're making the iphone 5 and it will be realesed in a few weeks… Is it possible that i can get my iphone 4s replaced with the 5 or do you think they'll just make me get the 4s? I really want the 5

Contract renewal which is, $250. Or pay the full price of like $600.

They won't do that, you'd be lucky to get a new device for $200, you should be paying the full retail price which is near $600 or more after taxes. Unless you have a contract term that's coming up, you can get the latest device which is going to be anywhere from $200-250 with a contract renewal

It is definitely possible to replace an iPhone 4S with another iPhone 4S for $200 if you take your phone into the local apple store 'Genius Bar' (I think you have to make an appointment) as long as you are still covered by Apple waranty.

As for what you can replace it with, I don't know specifically about replacing an iPhone 4S with an iPhone 5, and Apple are very secretive so will not release details about the iPhone 5 until near to the release date, but I do know that when I cracked the screen on my iPad 2, I was only offered an iPad 2 as a replacement, not an iPad 3…

Hope this helps