Ledsteplin
Ambassador
I wondered too, but took the risk and bought a 16 GB. After many months I've settled in at around 26% space remaining, but then I only have maybe 50 songs, hundreds of photos but no videos.
It's certainly possible for some of us to get by with only 16 GB, but it's a risk - especially if you're into taking videos.
I use a 16 gb 5. I store small videos in Box. The large video files go in Dropbox. I also store photos, gifs, and png images in those apps. I don't keep much music. About 100 songs. I have 4.2 gb available. Got it in August of 2013.