I've been comparing the iphone 5, which I picked up this morning, and my Iphone 4. Like others have reported, they both sound very similar. Although minor, the differences can easily be heard. I find the iphone 5 still have most of the problems I find in the 4, but to a lesser extent imo. The largest difference is in the bass. Using my jh13 and w3000anv as a reference, I find the bass in the iphone 4 to be bloated, boomy without much definition. The bass on the 5 is clearly better. It's tighter, has more texture, and you can clearly tell if it's a bass guitar, or something from a synthesizer. Infact I can hear differences between different brands of bass guitar. For me that's the improvement that jumps out at you.
The mids are less congested and a little clearer on the 4, and the treble is a little more airier with more resolution resulting in a more natural sound. The sound as a whole is just a little more transparent. I do think the 5 is more digital sounding the the 4....just slightly, and the headphone out seems for be just a tad more powerful out of the 4 as well. But the improvements the 5 brings clearly out weights the slightly more digital sound.
Now they sound close enough that I would return one in favor of the other. I do think the 5 sounds better, but not a lot better. But imo, it's the best sounding iphone yet, and sounds more closer to my ipad 3 than the 4 does. I don't know what the output impedance is on the 5, but my jh13 hisses with many amps I've tried. They even had a little hiss out of both the 5.5g and 7g ipod classic. But the background is just as quiet out of the 5 as it is out of the 4, so with my jh13, the output impedance is a non-issue.