Just ordered 4S is 16GB Enough memory?

1080P video will take up about 178 MB per minute of recording, about 900 mb for 5 minutes of video.

You can always upload your video to your computer and remove them from your phone, or shoot in a lower resolution. iPhone 4 720P takes up about 78 mb per minute, about 390 mb per five minutes.

As long as you are okay backing up often, 16GB is certainly workable. Pictures take up 1-3mb per picture, and again can be backed up to computer and removed. Be advised about 800mb of storage are taken up by iOS 5, and that the iPhone will report lower storage space in iTunes due to differences in the way storage is reported on the phone.

Seth

Agree with the information provided by Seth. To give you another perspective, for your expected use case, you may actually run into space issues. I do currently. I have about 7 Gb of music and podcasts on the phone (not my entire music library) and then some productivity apps etc. I don't keep any fart apps on the phone nor do I carry a ton of movies. With the awesome camera and iMovie app though, I find myself shooting a lot more pictures, movies etc on 4S than I did on my previous iPhones. Keep constantly running into annoying space issues and then I have to sit and delete media and apps from the phone to create space for movies and photos. My advice is to closely monitor what your usage will be like in the first week or so and then make the call whether to upgrade for more space or not before your 14 days are up.

Good luck.