If you've seen the leaks, you already have a good understanding of what this larger iPhone looks like, but in person it's not at all what you'd expect.
First off, it's much smaller in the hand than I expected the thinness really helps here. And the screen is just stunning; it looks more like you're touching pixels than ever before, and the rounded edges make it somewhat easier to hold. I have big hands and can reach across the the entire display with my thumb one-handed, though, so I'll have to ask someone with smaller hands here what they think. I'm especially curious about the double-tap on the home button that slides the interface down to make one-handed operation easier; I'll never use it since I don't have to, but it's a unique riff on the idea of one-handed operation.
The protruding camera is a indeed a bit strange; I can't help but wish Apple would ease up on its relentless pursuit of thinness in favor of a slightly thicker phone with longer battery life, but like I said, the thinness is what makes the large size manageable.
And that large size is pretty key; this is the phone that's going to force Apple to turn the iPad into a true laptop competitor. I have an iPad mini that will never come out again once I get this phone; I have an iPad Air that will need a better reason to come out than simply the size of its screen.