Overall there is no comparison, the new phone is just that much faster in every regard.
Here I take a look at the new 8 megapixel camera. This new camera is far better than one should expect from a phone camera. Without getting too deep into the technical aspects (you can go to the apple site for that) I will say that the entire sensor and chip set is "state of the art" and designed for this phone.
All of the snap shots below were taken with no flash, using only available light, with no editing at all. Not much thought went into taking these pictures, just decent composition and a relatively steady hand.
The second image of the wine bottles below was shot using HDR (High Dynamic Range). HDR merges three separate exposures to give you a picture with more detail in the highlights and shadows. It's as simple to use as touching the screen and you can't even tell the camera took three exposures, it's that fast.