Re: new OS == Slower on older hardware
The core functionality should not have to get slower - yes, you might find that the knobs and whistles don't go so well.
All I'd say is that friends who had the iPhone 3 gave up the OS upgrade path ages back (iOS 5 or there abouts IIRC) because the basic phone functionality was made "unsatisfactory" - it took too long to switch apps, to bring up the dialler, to view the visual voicemails etc. - let alone any of the whizzy bits.