Black. 32 GB. Couldn't justify another $100 for 64GB, and don't think it has any better resale value. I usually bump right up against the 32 GB. I store a lot of documents locally, don't clean out my Camera Roll enough (!) and love trying out new Apps that I don't get around to thinning out!
I got a black 32 gb. I considered an upgrade to a 64 gb, but now that music streams through iTunes Match, I don't think I'll need the space as bad as I did with my white 4s 32 gb. I ran up against the limit with video/pics, but should be fine now. I got black because I'm tired of white. It's great for awhile, but I think the white border distracts from the screen. So...my wife is "upgrading" by getting my 4S from her 4 16 gb & I'm getting a black 5 32 gb.
I'm getting a 32 gb white. This is my first iPhone so I'm super excited. I am looking forward to the camera on it, that's why I got the 32 gb, even though I doubt I'll use that much but I'm going to have it for a long time so I want to have the extra wiggle room. I got white because I just prefer it, I guess cause it's still kind of new to me. Plus my current phone is white as well as my mac book. It just seems more interesting to me in the white.