The disappointment comes from the fact that it's basically just the same phone as last year, but with a bit more whiz bang
ie, if you already have a 4, no driving reason to get a 4s
I guess to a certain degree Apple is getting a taste of its own medicine here...
Does anyone care about what's going on INSIDE the actual unit? The iPhone does have that sex appeal to it. It's the "trophy wife" of gadgets and now that everyone and their brother owns one, those who were hoping to one up their friends and co-workers by buying the newest shiny toy are disappointed because it doesn't look different.
If you actually want to get things done with your iPhone, there are plenty of reasons to upgrade from a 4 to a 4s, let alone if you own a 3G or a 3GS. The iPhone 4S stands up to the best smartphones currently on the market quite well.
And the combination of this new iPhone with iOS 5 and all the functionalities it brings to the table make it a very interesting value proposition for consumers. Sure, Apple stock is down on this, look at it as a "buy" opportunity. They will ship millions upon millions of them.
And by the way, there's nothing wrong with the way the phone looks. I still remember Steve Jobs' comment about it feeling like a beautiful, Leica camera. That's exactly what they were going after and to this day, I often think about this when handling this unbelievable piece of technology that is the iPhone 4.