When ios 7 comes out will i be able to update my iphone 5 to ios 7?

And will i get all the functions of it?

IOS7 is just a new system for apple products. So of course, plus they advertise it with the iPhone 5…

Yes you can… Oh no excuse me, did you say iPhone? No way, you can't

Yes, you'll be able to install it on your iPhone 5 and get all the features. In fact, if you don't want to wait, you can get it right away if you register your device's UDID on a site like http://www.instantudid.com/.It's $5, and then you can install the beta before everyone else. I got it running on my 4S already.

Of course, why wouldn't you be able to?