Received an iPhone 5 on Friday. I performed an iCloud restore from a recent backup. All apps that were part of the backup installed properly (eventually), however any new apps, as well as updates to existing apps, do not install. They all hang on "waiting".
Deleting the hung app and rebooting the phone does not solve the issue.
I also noticed that under iCloud, the phone was still sitting at "restoring" after 3 days. Cancelling the restore did not solve the issue either.