Let's please avoid making this about Apple vs Android folks.
I think there is a strong case to be made that a large screen iPhone would be warmly received by a lot of people. The market suggests that a lot of people want 4.5-5 inch screens. Apple may well one day release a larger screen iPhone, but did anyone really think there was any chance of that happening now?
As far as the hardware goes, as mentioned I'm disappointed in the lack of NFC, and I actually kind of think this is by far the ugliest iPhone yet (I'm not a fan at all of the two-tone backing, and I don't like the way the camera is off centre both horizontally and vertically) and I think that the black version in particular looks way too much like a standard black slate phone from a distance. However, not only is that completely subjective, but aesthetics have never stopped me from buying a phone before.
As mentioned, I think the disappointment was the lack of a major improvement. The iPhone 4 brought the retina display. The 4S brought siri. What did the iPhone 5 bring beyond a minor amount of vertical space and a new dock system that will likely mean buying expensive new adapters for many people? LTE? That's been around n other devices for a long time now.
Between all the leaked hardware info and given that we already knew what iOS 6 was, I think we should have seen this coming. But I think everyone, myself included, was hoping Apple had a game changer under wraps that they would bring out here, because they always seem to have had one in the past.
It's still a good phone in my mind, and still a worthy investment, but I don't think it "changes everything, again". In fact, I don't think it really changes anything.