The 4s will get updates it will have similar life like the 4 /3gs the 4s is a very solid device i wouldn't mind getting it a discounted price because the build quality is great ( better than the 5) and its not going to freeze and glitch like adroid phones will do after there out of style
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Like others say, IF you are going contract, get a 5 hands down! I found a great place that does used phones and they are looking for a 4S for me on AT&T and will take old phone trade ins, and gives 30 warranty etc. So I will have a 4S here soon, but yeah if I did this few months back, I would have done the 5 but to me the 4S is all I need now.