that's not true of the 3GS though. iOS 5 runs like a champ on my 3GS. But i installed it only after i read reports that it didn't screw up the phone like iOS 4 did to the iPhone 3G.
I'll be waiting similarly for reports of keeping at least the same level of performance on older devices (which will be pretty cool if it happens - the iphone 3GS only has 256MB of RAM and a much slower processor and probably slower NAND)