Will the iPhone 5C be better than the 4S?

Will it feel cheaper compared to the 4S, or will it have a better camera, functions, etc.

Ya. I think it will be better

I've already heard that it could be a lot better than the 4S and a lot cheaper. The CBS website says:
The new device is made of plastic and has a 4-inch display. It has a hard-coated polycarbonate design, is steel reinforced and has a multi-band antenna. It comes in five colors: green, white, blue, pink, and yellow. The iPhone 5C will cost $99 for a 16GB model or $199 for a 32 GB model, with contracts.
iPhone 5S's CPU performs 40 times faster than the original iPhone. The new iPhone will also include a brand new chip called the M7, which is said to continuously measure motion data.

Really good question, since its later hardware I would probably get 5c. I think if deciding then go to the apple store when they are out and check them out there first.

Probably, but not better than 5s