One of the first lucky owners of the iPhone 5, David Smith, kindly ran my Image Decompression Benchmark on the latest 3 generations of iPhone. These benchmarks measure the time it takes for an image to get from disk to screen and encompass 5 resolutions, PNG crushed and uncrushed, as well as 10 compression levels of JPEG. Christian Pfandler prepared the charts for us.
We like to repeat the same benchmarks on every new CPU that Apple likes to solder into their devices, you can read past analyses iPhone 3G through iPad 2, iPad 3. One note of caution if you want to compare these to the results in this article, we changed the methodology of logging the times from NSLog to CFAbsoluteTime. NSLog itself takes up to 50 ms per logged statement. The new method is more exact and does not have this drawback of including the logging time in the measurements.
Executive Summary: the iPhone 5 can indeed be claimed to be twice as the predecessor.