Should I upgrade to the Note II? - 2

So I got a white iPhone 5 32 GB back in October. This was because my iPhone 4 dies completely in late September so I walked in to Verizon and they had iPhone 5's in stock. After watching countless in-depth review vids of the Samsung Galaxy Note II I really, really want a Note II.

Also thought I should note that I've never owned an android smartphone. I have a Nexus 7 and I like it. Just wondering if touchwiz makes the android OS on the note II a lot different than the stock android on the Nexus 7?

So I'm thinking about selling my iPhone 5 for about $300-$400 and then dishing out the $700 for the unsubsidized Note II to continue on the remainder of my Verizon contract.

Is this a viable plan? I do like my iPhone 5 but I've been somewhat seduced by the Note II's screen size and features. Would this trade be worthwhile?

Also ideally I would like to know if this is a worthwhile trade so if there's any iPhone 5 owners that switched to the Note II that could give me an answer that would be great.

Thanks.

Added (1). Thanks everybody for your prompt replies.

Firstly I'm planning on selling my iPhone for more than what I put. Secondly I want a Note not an S3 the S3 is ugly as all *** and IMHO not as good as the iPhone 5 let alone the Note II. So the S3 is out of the question for me. Do not want it. Its ugly and slow compared to the beefed up processor of the Note II.

Also thanks to the person who said I should wait. I may just do that. But the way I see it is that every day I wait is a day closer to the iPhone 5S or the iPhone 6 being released. I may just wait for Samsung to roll out the Note III. Lol. But depending on a revamping and certainly a redesign of the S phone I may go for the S4 but for now I view the S3 with disdain I hate the way it looks like a giant pill/suppository.

Added (2). @Kuba dude I went to Best Buy today and I held one in my hands I can touch all 4 corners with my thumb on my right hand when holding it one-handed. I don't know if your friend is a girl or a guy who wears skin-tight leather pants but I can see the Note II easily fitting into my front pocket.

Get the note 2! Or a more phoneish size get the s3 and if you don't like touchwiz download apex launcher or something

Where are you going to keep this phone, because I can assure you it will never go in you pockets again. In my opinion that thing is more of a small tablet then a big phone. I know someone who has one and it's not comfortable to hold especially in calls. If anything you should get the Galaxy S3. Oh and I think your selling your iPhone pretty cheap… Start out high and go lower.

I suggest you not to do anything in haste.note 2 is a great phone, iphone 5 isn't bad either.
Now Galaxy s4 would be announced anytime around late march - april and it would have serious upgrades like a next gen cortex a15 cpu, a 13 mp camera and full hd(1080p) super amoled display and various other enhancements that even the note 2 doesn't have. So i would advise you to hold on to your iphone 5 till the s4 is announced. If you didn't like it, u always can go back to the note 2.
I know it's tempting for you now but patience has it's own rewards.