The 5 Views of the iPhone 5 Calendar App
As previously mentioned, you have to tap a date to see what you have going on in a 24-hour period — though to see an entire day's worth of entries, you'll have to scroll up or down. You can swipe to the left to advance to the next day of the week and beyond; swipe to the right to retreat one or more days.
In this day view, all-day events, birthdays, and events pulled from your Facebook account (if you provide your Facebook credentials) appear in a narrow strip above the timeline for the day. Your daily appointments span the entire time in which they've been scheduled on your calendar.