iPhone 5 - better to preorder or wait overnight on the steps of an Applestore?

this is why i'm asking:

- If I preorder, the phone will not arrive on launch next week (3 day shipping), or do they ship and it arrives on launch???

- waiting overnight on the steps of Apple does not guarantee anything and i'm afraid the lines will be long enough if I arrive after class on Thursday night at 9pm.

so what do you guys thing? should I preorder or camp out?