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I have an iphone5 and my husband has an iPhone 4S. Can we share calendars?

If you are using iCloud then absolutely.
Using the internal calendar app:

Select the Calendars option
Select the calendar you wish to share
Tap the Add Person option
Entire the iCloud email address of the person you want to share with
They will be emailed an invitation, once accepted you can both add and edit events on that calendar

And since myCal uses the internal calendars it works seamlessly.

Regards
John

Got it to work! Awesome! Now my husband wants his calendar to look like mine. If he buys mycal will he be able to see the family calendar the way I do on my mycal?

Yes it should display the same as you see it, although he will be able to configure how he wants to see events (showing icons, start end times etc for the different views).

Regards
John