I've read a couple of articles which advise against updating to iOS 8 if you have a 4S or earlier model. It requires processing power that the 4S just doesn't have, uses more memory and its UI has been designed for larger screen sizes. My girlfriend updated (even though she's just about to get a new phone) and regretted it - apparently her battery life is now terrible and apps are very slow to open. Having said that, I've read comments under these articles from people who say they updated their 4S's and are having zero problems. It seems these OS updates affect different users in different ways.
I'm holding out for the 6 Plus, but as is typical with AT&T, their trade-in deal makes no sense. They are touting $200 credit if you bring in your old phone in good condition (which mine is). However, you have to bring your phone in by Sept 30th according to the woman I spoke to...but the 6 Plus is not shipping until November. Which means that if I want to take advantage of this deal, I'd be without a phone for over a month. Obviously, nobody is going to go with that "deal." It's ill thought out, ridiculous and a kick in the face to people like me who have been loyal to them for over a decade. The girlfriend also had a similar deal with Verizon, but they capitulated and extended the deadline to return phones for trade ins so that 6 Plus customers could take advantage. I don't see any signs of AT&T doing that yet.
They do have some kind of frequent upgrade plan now called AT&T Plus or something, in which you pay an extra monthly fee ($40 I think) and get a phone upgrade every year. I can't work out if it's worth it or not. Probably not.