It would be one of the biggest deceptions in Apple history for sure. When was the last time Apple totally disappointed its customers?
The 3GS was acceptable since the 3G was WAY too slow so that "S" was really needed. Smartphone competition wasn't that big at that time and we waited 1 year, not 1 and a half. And there were other features like compass, video recording and oleophobic screen coating that were much appreciated.
People expected the original iPad to run OS X. They forgave that it ran iOS when they were told it was half the price they expected.
The iPad 2 was good, people expecting a 2048*1536 display were being unreasonable. Not 1 but 2 cameras, new design and from 13 to 8 mm thick was impressive.
All recent Macs refresh were good. They took away the Whitebook which was the only ripoff IMO.
Everywhere stating Apple hardware "fails" stop at the G4 Cube, which was released over 10 years ago. The original Apple TV kind of sucked but since it was a new type of product nobody had expectation set for it prior to its announcement.