Right. I look at the pace of "next big things" like this:
2001 iPod
2007 iPhone (6 yrs later)
2010 iPad (3 years later)
2012 (needed something new this year... and not something new that is only a new version of an old something or a new size of an old something).
2013 (really needs something new in 2013)
2014 (probably need another something new in 2014 or maybe early 2015).
These "next big things" need to be on the scale of impact that accompanied the big three above. Iteration or size changes are not on that scale. For example, rolling out an iPad 4 and an iPad Mini is not creating the demand for an iPad 4 AND an iPad Mini. Rolling out a new "next big thing" would be something that everyone would really want... not this vs. that.
Apple's revenue slope is such that the pace of innovation (of "next big things") must speed up. IMO, Apple is buying time by rolling out old "big things" (iterations) to more markets sooner than later (as they used to do). This will only work until a new iteration or size "next big thing" is launched to all markets on the same day.
A few more legs to the table are needed ASAP. The old legs are feeling the stress of trying to keep it all going up, up, up.
As WatchTheThrone posted below, the S releases aren't about new. They're about stability. I imagine some of the paint scuffing and other problems will be resolved in the 5S release.