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Apple will update iPhones for at least 5 years in rare public commitment
(arstechnica.com)
This is a most excellent place for technology news and articles.
actual issues are rare actually, it pretty much just works as long as the hardware supports the features the application requires. if it doesn't it will likely throw an error and not run.
you are right in that its an awful experience though, its usable but you have to debloat it and even then its slow. can't watch hd video either.