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Usually Virgin Mobile, and other MVNOs, would not get a new phone until it had been out for a while, but that's started to change recently (last 6 months or so).
Why is virgin getting the S5 before they get the S4 or even if they do get the S4. The 5 might be a little out of my price range but the 4 shouldn't be to bad on price with the 5 being out. Also I have heard many negative reviews on the S5 and would definitely rather have a S4
I would expect Virgin to target the S5 @ $500. Then that would mean that a new S3 will be $200 (1/2) of its introductory price. There is really nothing wrong with a S3. Your going to get the same android level as a s5, Maybe the camera is a bit less, but I look at it this way, if you really want to take Great Pictures, get a Digital SLR !
some unknown person on amazon listed the S5 for VM for $599:
Amazon.com: Samsung Galaxy S5, White 16GB - Prepaid Phone (Virgin Mobile): Cell Phones & Accessories