What is better iPhone 4s or iPhone 5?

I'm thinking of buying an iPhone and obviously the 4s is considerably cheaper and has better pay monthly deals. I'm just wondering is there really much difference between the 2 phones? Other than obviously the appearence. Would I be wasting money forking out more for the 5 if the 4s is exactly the same?

Of course the 5 is not exactly the same.

Its faster (processor, data, Wi-Fi), lighter & more powerful (graphics, camera, iOS, RAM, etc)

It is worth the $100 more & better in the long run as well.