I'm not trying to be difficult, I just can't for the life of me figure out what Apple could have done (short of announcing that the phone could cure cancer) that would have made this a great unveiling??
1. Larger screen - perhaps with a minimal border/bezel "edge-to-edge" screen
2. Improving their navigation so that it rivals (or exceeds) the capabilities of Android. Perhaps crowd-sourcing traffic flow rate information from other iPhone users (since it can calculate the speed cars are moving).
3. Improve their mobile Safari browser (I could go into details here, but I won't for now, just to say that Chrome on Honeycomb or IE10 on Win8 have lots of good interface ideas to steal)
4. Inductive charging (it is/was really cool on the Pre)
5. Better app switching/multitasking interface