If you are planning on getting the iPhone 4S, go with more memory!

My 16GB iPhone 4s arrived in the mail today!

I was trying to be economical in purchasing the $199 iPhone 4s but I do wish I bought more memory. With the 1080p HD video option within the new iPhone 4s, it makes sense to go for the 64GB version if you can afford it or at least 32GB because 16 GB just does not cut it any more. I will have to be conservative and selective about what apps I download and use, so in that it is probably a good choice. However, I do feel limited with the 16GB model. Think of it as an investment for the new few years! 

Here is an article with a similar take:

With iOS 5 and iCloud, more memory is better than less for your iPhone, iPad | ZDNet