DO NOT understimate the iPhone 5, it deals a great blow to Lumia's ability to impress
Now I am an Ms/Nokia fan but at the same time a realist. I think most people are choosing to focus on the wrong factors of what makes a successful smartphone and it's certainly not the presence of NFC or wireless charging.
Now the fact that the new iPhone will sell like crazy and be successful is a given and we all knew that. What most are overlooking though is that the iPhone typically sets new standards and respectively consumer expectations. Now before you say there's nothing really new in the iPhone 5 I wish to interrupt you and say that it once again sets a new standard in design and even ergonomics (very light). Sure there were thinner and lighter smartphones before the iPhone 5 but quite frankly the average consumer does not know better or give a shit.
The problem: The Nokia Lumia 920 is one big fat bitch! In fact it is the heaviest and thickest phone available out of all the major 2012 flagship smartphones released. And in a year when Motorola, Samsung and now Apple have gone way under 0.4", the Lumia stands out at a thick 0.42, thicker than the iPhone 4s or even Galaxy Note 2!
What does this mean? This means that people who will handle the new generation of phones will quickly pick up on the fact that the Lumia's bulky body and immense .41 pound weight stand out as last generation design by being nearly twice as heavy as the iPhone and a lot thicker than most of the competition. With that said the tangible\tactile qualities of a device are nearly as important as the software so this will be a major blow to Lumia's ability to sell itself on aesthetics and feel.
I am a designer myself and there are probably others here who would agree with me that the new Lumia does not hold a candle to the new iPhone when it comes to the "sophistication" and refinement of its design. You will all feel this first hand when you handle the respective devices, it will be like day and night. One will feel light, thin, sturdy, perfectly machined and sophisticated. The other: heavy, glossy, bulky and exaggerated.
Microsoft did their part and Windows Phone 8 as an OS it feels and looks a generation ahead of the now aging iOS, the integration of the first party apps is absurdly well done, the OS does not feel appcentric with everything locked away/isolated until you launch any one particular app, rather everything interacts, shares data and overall one gets a uniform, continues and integrated experience when using WinPhone. With the plethora of updates and features Ms is bringing to the platform one can't fault the effort.
Nokia on the other hand I believe got a little sloppy, re-using their aging designs almost entirely without bothering to modernize and sophisticate the design. A money saving strategy no doubt, one that can come out rather badly in light of the new devices hitting the market. Because 99% of consumers couldn't give a shit about NFC, wireless charging or other small advantages the phone may have spec-wise, those advantages are just not prominent enough! At least not as prominent as the bulkiness of the device!!!
For many tech-lovers this holiday season it will be a compromise of whether to go with a new, light, thin, luxurious and sophisticated iPhone running an aging, boring and vomit inducing iOS or going with a cool looking dynamic and integrated OS running on some chubby and heavy hardware. Perhaps some will be swayed by the camera on the Lumia if it is indeed better. The rest will just get an iPhone 5 because in the end it's about mind-share and Windows Phone has very little of it, Windows 8 is its only hope to be truly recognized and understood.
UPDATE: Someone brought to my attention something that I forgot and that is the fact the the Lumia 920 DOES NOT NEED A CASE, in fact I recall someone from Nokia specifically mentioning that the phone was designed to be used without a case. So perhaps any advantage in thinness and weight had by the iPhone 5 will be negated since with the build materials it uses not having a case would make it look horrid fairly quick.
This is roughly how the two devices will compare in look and feel: