If you are thinking of staying with the Iphone four, but thinking of updating to IOS 7 WARNING: just dont bother at all! There is no going back. Apple will NOT restore it, nor are they addressing the many and mysterious and annoying bugs of 7 on the four, from contacts that were deleted showing back up, and contacts that you DO want, new ones, are gone, this is happening with many many phones, you cant get a fix from your carrier, and IT IS NOT covered under Best Buys extended warranty, and Apple will not help you. Your stuck with your phone acting wacky wonky and you'll have to see if it can be jailbroken, but that will void most warranty. So either stay on the legacy system or upgrade.
I believe I've heard of people having problems with iOS 7 on their iPhone 4 but not on their iPhone 4S. I know I've friends who complained that they had system hangs and app slowdowns with their iPhone 4S when they upgraded, but these issues were easily solved just by simply updating all their apps and by turning on the new iOS 7 auto update feature. I'm also currently using an iPhone 4S on iOS 7 and it works smoothly with nary a hiccup. I would understand, however, if most of the problems encountered were iPhone 4-centric because it is of much older hardware than the iPhone 4S. I've heard of people complaining about their battery life because of the new update and I guess there are a flurry of other problems still. As it is, before upgrading your OS, be sure you've checked everything before taking the plunge.