I started with iPhone4/4s then got a galaxy s3 for a while and now back on ip5. Trust me live wallpapers are over rated. They cause battery drain and even sometimes lag. Just find a nice retina one and be happy lol
It's already compatible with iPhone5, just need to make your own wallpapers because I don't think there are any in iPhone5 dimensions on the default repos yet.
And ya, I agree with InkedAdrenaline. While live wallpapers are really cool, they drain the battery super fast. I used a live wallpaper on my 4S for about 3 months and I was getting about 2 hours less battery life.