No one is absolutely sure why the iPhone 5 has been discontinued. Speculation says that the 5 may have been too expensive a product to lower the price point as Apple has usually done in the past. Now the iPhone 5 has been replaced with the iPhone 5S, iPhone 5C, and iPhone 4S.
Text of iPhone 5: Where Did it Go?
WHERE DID IT GO? Apple iPhone 5
TIMELINE September 12, 2012: iPhone 5 release event. June 10, 2013: iOS 7 announced. September 10, 2013: iPhone 5S and 5C release event and iPhone 5 discontinued. September 18, 2013: iOS 7 released to the public.
WHY WAS THE 5 DISCONTINUED? No one is absolutely sure why the iPhone 5 has been discontinued. Speculation says that the 5 may have been too expensive a product to lower the price point as Apple has usually done in the past. The iPhone 5C seems to take the place of the 5, having a cheaper price point at the start because it is made with much cheaper materials. The iPhone 4S is still available in place of a discounted 5.
WHATS NEW WITH 5S? Basically, the iPhone 5S just has a new camera over the 5. There are a few new upgrades, like a finger scan to replace typing in a password. Side-by-side testing shows that the speed on both phones is almost the same. To see for yourself, watch this video: http://www.youtube.com/watch?v=OjNtbOGTrsE The biggest upgrades to the iPhone 5S come from the iOS 7, but thats available to all iPhone users.
WHATS NEW WITH 5C? The iPhone 5C has color options for the back, plastic siding of the phone, and thats about where the newness stops. If you go for the 5C, look into getting a decent case to protect the vulnerable plastic. The insides of the 5 and 5C are almost identical, including boot times and running app speeds. To see a demonstration watch this video: http://www.youtube.com/watch?v=YLZNlmDmQR0
WHAT ABOUT THE 4S? The 4S is still a good option if you dont mind a smaller screen, a less powerful front-facing camera, and slightly slower browsing and response times. Its the cheapest of the iPhones and it still uses the old Apple connectors rather than the Lightning Connector that all the 5 versions use.
WHERE TO BUY? Most phone carriers that offer iPhones should have all of the available models, though the 5 could be hard to get a hold of since its been discontinued. It is still available at Best Buy and other electronic retailers, both online and in stores. The 5S, 5C, and 4S are available on the Apple website.