I had kind of hoped, given the extra few months they took over the normal iPhone announcement date, that they were bringing something a little more impressive, and I don't think I'm the only one. There's nothing wrong with the 4s, but it certainly doesn't change everything, again.
The software stuff is cool, but there isn't much that's really new, and though they might do it better than anyone else, I didn't see anything that is completely new to smartphones. Notification changes, iCloud, iMessage, and the new friend locator are all features that are available on other platforms already. Even Siri seems to me like an enhanced Google Voice Search.
As for hardware, the processor is definitely a nice boost, but we didn't see any bigger/higher resolution screens or LTE connections, which is a little disappointing. The hybrid GSM/CDMA is cool, but not really relevant in Canada, as I doubt Bell/Telus or any of the regionals will actually activate it on the CDMA networks. As I said, there's nothing wrong with the 4s hardware, and I'm sure it will perform to Apple's usual level of excellence, but this may be the first iPhone release where the hardware does not impress me.
I don't know what Apple should do that hasn't been done yet, but hasn't their calling card for the last decade been that they innovate in ways we haven't even thought of yet?