The original iPhone got all updates released for 3 years from its release date.
> 3GS supported for ~2 years
So far, as far as I know iOS 5 runs on 3GS. The 3G is the only one which got a slightly reduced support life so far (no iOS 4.3, for pretty obvious — to 3G owners — hardware-related reasons)
> As much as one likes Apple, this is not something that I would call "long term support".
Then you've never owned a smartphone before? If you can find a pre (or even post) iPhone smartphone that gets updates for 3 years+, I would love to see it.
Saying that you're no worse than everybody else is not the same as saying you're worth applauding.
If you've only worked with phones, you might have an inflated view of what "Long Term" means. The servers here, for example, run for 5 years between reboots. http://uptime.netcraft.com/up/today/top.avg.html
As much as one likes Apple, this is not something that I would call "long term support".